The International Energy Agency maintained its global oil demand forecast for 2012 on weak seasonal products demand combined with high prices and a stuttering economic recovery.
The IEA, in its monthly Oil Market Report released Thursday, held its 2012 oil demand growth forecast steady at 0.8 million barrels per day (mbd) to 89.90 mbd.
Iranian supplies could fall by 0.8-1.0 mbd versus 2011 levels by mid-summer as a host of countries pledging import cuts from the nations, the agency noted.
The Paris-based agency said that OPEC crude supply in March moved up to 31.43 mbd to hit a three-and-a-half year high.
Non-OPEC supply fell by 0.5 mbd in March to 52.7 mbd. Decline was widespread, but notable in the UK and at synthetic crude plants in Canada, it noted.
On the inventory front, the IEA said OECD industry stocks fell by 12.40 mb to 2,630 mb in February, or 59.60 days of forward demand and noted that the stock deficit versus the five-year average narrowed to 13.9 mb in February from 40.4 mb in January. However, based on preliminary data, the agency estimated 22.60 mb increase in OECD industry stocks
Meanwhile, Light Sweet Crude Oil (WTI) futures for May delivery are adding $0.42 to $103.12 a barrel.
by RTT Staff Writer
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