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.
by RTT Staff Writer
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