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