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Saturday, January 20, 2018

Oil demand outlook for 2002 unchanged - IEA

According to the April 2002 monthly oil market report from IEA, the oil demand growth outlook for 2002 is roughly unchanged at 0.44 mbd, or up 0.6% from 2001. IEA notes that oil demand was reduced more than expected during the first quarter of 2002, but growth is set to resume sooner than previously anticipated. However, rising oil prices pose a downside risk to the IEA forecast for 2002.

World oil production averaged 76.3 mbd in March 2002 unchanged from February. OPEC 10 production rose by 0.44 mbd to 23.0 mbd. OPEC 10 output was 1.3 mbd above the target of 21.7 mbd. Adding Iraqi oil production of 2.47 mbd in March, OPEC 11 production averaged 25.5 mbd. On 8 April 2002, Iraq announced that it would suspend oil exports for 30 days. It was also reported that protests at Venezuela’s PVDSA were affecting export shipments and refining activities.

 

Total OPEC 10 crude oil production in the first quarter of 2002 averaged 25.3 mbd. Based on the April IEA report, the call on OPEC crude plus stock change for the second quarter would be 24.8 mbd, third quarter 25.6 mbd and fourth quarter 26.3 mbd.

 

Non-OPEC oil supply fell by 0.48 mbd in March offsetting the OPEC gain. The largest reduction came from Norway, where output fell by 0.32 mbd reflecting its agreement to cut oil production.

 

Click here for The Oil Supply/Demand details in tables and graphs.