World oil demand up by 1.04 mbd in 2003 – IEA

Most of the incremental demand is projected to be supplied by the Former Soviet Union (FSU), which is projected to increase oil production by 0.67 mbd to 10.03 mbd, and N America (mainly Mexico) by 0.29 mbd. Production in Europe is projected to marginally decline. Also the other projected changes in oil production are rather marginal, the biggest being Africa where oil production is expected to increase by 0.07 mbd.

Oil exports from FSU Black Sea dropped quite sharply by 0.39 mbd in October, but were still 0.33 mbd above October 2001. Baltic Sea exports were 0.39 mbd above October 2001. Total seaborne exports from FSU so far in 2002 have been 0.8 mbd above the average level for 2001. The strongest increase has been from the Black Sea with an increase in exports of 0.54 mbd to 2.53 mbd. FSU exports of crude oil in 2002 (3.91 mbd) have been 0.54 mbd above the level in 2001, whereas products exports have increased by 0.28 mbd to 1.64 mbd.