Market news
12.04.2011, 08:09

IEA Oil Market Report: high oil prices denting demand,could dampen global upswing

  • higher Japan 2011 demand to offset weaker non-oecd demand 
  • March non-OPEC supply up 200 kbd m/m to 53.3 mbd 
  • effective OPEC spare capacity 3.91 mbd, incl saudi 3.2 mbd 
  • hikes 2011 avg non-OPEC supply fcst 100 kbd to 53.7 mbd 
  • trims 2011 avg OPEC call/stocks fcst 100 kbd to 29.8 mbd 
  • 2q global crude run projection cut 270 kbd due Japan 

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