Global oil demand is revised down by 70 kb/d in 2009 and up by 30 kb/d in 2010 on preliminary data adjustments in the OECD and non-OECD (Asia, Africa and Middle East). With demand now seen at 84.9 mb/d in 2009 and 86.6 mb/d in 2010, year-on-year growth averages -1.3 mb/d and +1.7 mb/d, respectively.
Global oil supply fell by 220 kb/d to 86.6 mb/d in March on lower OPEC output. Non-OPEC supply was unchanged in March at 52.5 mb/d, and up by 900 kb/d year-on-year. Non-OPEC 2010 output is revised up 220 kb/d to 52.0 mb/d, reaffirming a more optimistic supply outlook amid elevated price levels since 2Q09. Non-OPEC supply and OPEC NGLs should rise by a combined 1.3 mb/d in 2010.
OECD industry stocks fell by 38.4 mb to 2 685 mb in February, 1.6% below 2009’s level, with lower crude, distillates and ‘other products’. End-February forward demand cover rose to 60.0 days, but stood 0.9 days below levels of a year ago. Preliminary March data point to a 8.0 mb OECD stock build amid continued decline in floating storage.
Global oil supply fell by 220 kb/d to 86.6 mb/d in March on lower OPEC output. Non-OPEC supply was unchanged in March at 52.5 mb/d, and up by 900 kb/d year-on-year. Non-OPEC 2010 output is revised up 220 kb/d to 52.0 mb/d, reaffirming a more optimistic supply outlook amid elevated price levels since 2Q09. Non-OPEC supply and OPEC NGLs should rise by a combined 1.3 mb/d in 2010.
OECD industry stocks fell by 38.4 mb to 2 685 mb in February, 1.6% below 2009’s level, with lower crude, distillates and ‘other products’. End-February forward demand cover rose to 60.0 days, but stood 0.9 days below levels of a year ago. Preliminary March data point to a 8.0 mb OECD stock build amid continued decline in floating storage.
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