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Tuesday, October 16, 2018

Assessment of world oil demand growth unchanged - IEA

The IEA monthly oil market report of 11 September 2002 has the growth in world oil demand unchanged from the August report. World oil demand is set to grow 0.22 mbd in 2002 (up 0.3% over 2001) and 1.1 mbd in 2003 (up 1.4% over 2002).

The August and September increase in crude oil prices has occurred in a period of slow oil product demand growth, poor refining margins, increased OPEC quota non-compliance, and a risk of a “double-dip” recession. Consequently, some analysts have attributed the high crude oil prices to a “war premium”. However, because of the OPEC quota non-compliance, OPEC 10 leakage has barely kept pace with recent reductions in Iraqi exports, writes the IEA. Oil product stocks are comfortably in the middle of their 5-year range in days of forward cover. Crude oil stocks are low and trending downwards. Production cuts have contributed to falling crude stocks, while reduced economic activity, and the impact of high oil prices on consumption have undermined oil product demand.


The oil supply and demand development in tables and graphs can be viewed here