Crude oil prices tumbled $18/bbl in the first three weeks of May amid deepening concerns over Eurozone debt issues, before partially recovering by end-month. By early June, benchmark crudes were trading in a lower range of around $72-73/bbl.
Global oil demand is revised up by 60 kb/d to 86.4 mb/d in 2010 on stronger-than-expected preliminary OECD data, albeit downside risks remain. With 2009 readings largely unchanged, yearly global demand growth in 2010 is now seen at +1.7 mb/d (+2.0%), deriving almost entirely from the non-OECD.
Total oil supply fell by an estimated 575 kb/d to 86.3 mb/d in May, with lower non-OPEC output due to seasonal maintenance. However, 2010 non-OPEC output is revised up by 0.1 mb/d to 52.3 mb/d amid slower expected North Sea decline. This year’s growth of 0.8 mb/d from non-OPEC comes on top of 0.8 mb/d from OPEC NGLs.
Global oil demand is revised up by 60 kb/d to 86.4 mb/d in 2010 on stronger-than-expected preliminary OECD data, albeit downside risks remain. With 2009 readings largely unchanged, yearly global demand growth in 2010 is now seen at +1.7 mb/d (+2.0%), deriving almost entirely from the non-OECD.
Total oil supply fell by an estimated 575 kb/d to 86.3 mb/d in May, with lower non-OPEC output due to seasonal maintenance. However, 2010 non-OPEC output is revised up by 0.1 mb/d to 52.3 mb/d amid slower expected North Sea decline. This year’s growth of 0.8 mb/d from non-OPEC comes on top of 0.8 mb/d from OPEC NGLs.
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