The International Energy Agency nudged down its global oil demand forecast for 2012 citing uncertainty over summer power sector oil demand and non-OECD stockpiling.
The IEA, in its monthly Oil Market Report released today, nudged down its 2012 oil demand growth forecast to 89.90 barrels per day (mbd)
Non-OPEC supply increased by 0.2 mbd to 53.1 mbd in May as rising North American supply more than offsets record-low North Sea output, as well as outages in the Sudans, Syria, and Yemen, the agency noted.
Meanwhile, OPEC crude supply edged lower in May, off 20,000 bd, to 31.87 mbd, with reduced output from Saudi Arabia and Iraq offset by higher production in Angola, Nigeria and Libya.
On the oil price movements, the agency said crude markets continued move lower for a second month in May and prices had fallen 20 percent from peak 2012 levels in the wake of the deepening euro zone crisis, mounting concern over a slowdown in Chinese growth and rising global oil supplies.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.