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Monday, September 24, 2018

Oil demand again adjusted upwards – IEA

In its Oil Market Report of 10 December, IEA has again adjusted world oil demand upwards by 0.16 mbd (up 12.5%) to a 1.44 mbd growth rate (+1.9%) for 2003, and by 0.09 mbd (up 8.5%) to a 1.16 mbd growth rate (+1.5%) for 2004. The adjustments reflect faster economic recovery, soaring Chinese demand and fuel switching into oil. The bulk of the growth both for 2003 and 2004 is expected to take place in North America and China.

Total OPEC crude oil supply averaged 27.6 mbd in November, with production from OPEC 10 averaging 1.2 mbd above the 1 November quota of 24.5 mbd. As reported, OPEC decided at its 4 December meeting to roll-over the existing production target and scheduled a further extraordinary meeting for 10 February 2004.

OECD industry total oil stocks were 2,549 mb at end-October, 22 mb lower than September and 89 mb below the five year average.

Click here for the world oil supply and demand development in tables and graphs on the INTERTANKO web site

Click here for OPEC production and quotas :

Contact: Erik Ranheim or Jan Svenne