The International Energy Agency left its its global oil demand forecast for the year 2013 little changed following slightly lower-than-expected first-quarter 2013 deliveries.
The IEA, in its monthly Oil Market Report released Thursday, maintained its oil demand projection at 90. 6 million barrels per day (mbd) for 2013.
Commenting on the supply, the agency said global supplies were down by 120,000 bd in March. However, for the full year 2013, non-OPEC supply is expected to grow by 1. 1 mbd to 54. 4 mbd as South Sudan resumes exports and other disruptions abate.
OPEC output were down by 140,000 bd in March to 30. 44 mbd mainly due to disruptions in Nigeria, Libya and Iraq and against a backdrop of seasonally weaker second-quarter refiner demand, the cartel noted in its report.
On the inventory front, the IEA said OECD commercial oil stocks declined by 32. 90 mb to 2,664 mb in February. The agency pointed out that stocks have been at a surplus to five-year average levels for six months.
On the oil price movements, the Paris based agency oil futures prices declined in March, pressured by renewed pessimism for the global economic outlook.
Wednesday, the Organization of the Petroleum Exporting Countries slightly trimmed its 2013 world oil demand by 40,000 bd to 0. 80 mbd, with bulk of the growth seen coming from China, which is forecast to increase by 0. 4 mbd. However, the cartel expects OECD demand to contract 0. 3 mbd.
Meanwhile, Light Sweet Crude Oil (WTI) futures for May delivery are shedding $0. 35 to $94. 29 a barrel.
2013-4-11 14:18