International Energy Agency Forecasts Demand for Oil Down by 1 Million Barrels Per Day

April 10, 2009 by · Leave a Comment
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The highlights from the April Oil Market Report from the IEA:

  • Forecast 2009 global oil demand is revised down by 1.0 mb/d after a reassessment of GDP assumptions and much lower-than-expected 1Q09 demand data.
  • Benchmark crude prices exceeded $50/bbl for the first time in four months as more bullish sentiment entered financial markets in late March/early April.
  • Global oil supply fell by 400 kb/d in March, to 83.4 mb/d.
  • OPEC crude supply in March averaged 27.8 mb/d, down 235 kb/d versus February. … Supplies stand at five-year lows.

Click here for full report.

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