IEA cuts 2008 demand forecast by 390,000 bbl/day

13 May 2008 13:50  [Source: ICIS news]

LONDON (ICIS news)--The International Energy Agency (IEA) has cut its 2008 forecast for global oil demand by 390,000 bbl/day to 86.8m bbl/day on slower economic growth and record high prices, it said in its monthly report on Tuesday.

 

Non-OECD demand was expected to grow by 1.4m bbl/day in 2008 driven by China and the Middle East, leaving global growth at 1.0m bbl/day.

 

April oil supply fell by 400,000 bbl/day month on month to 86.8m bbl/day, pulled lower by North Sea outages, lower former Soviet Union output and weaker OPEC supplies.

 

OPEC crude supply averaged 31.9m bbl/day. It was 255,000 bbl/day below March, impacted by strike action and pipeline sabotage in Nigeria.

 

End-March OECD industry stocks dropped by 1.3m barrels.

 

The April global refinery crude throughput of 72.8m bbl/day was seen as a seasonal trough by the IEA, with output stifled by poor economics and maintenance.

 

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By: Mark Watts
+44 20 8652 3214



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