IEA raised projection on oil demand again – IEA report

According to the recent IEA – International Energy Agency monthly report on oil markets around the world for the month of May 2011: OPEC’s oil output rose to 29.18 mb/d, but is still below the pre-Libya turmoil era by 1.25 mb/d.

The worldwide oil supply increased by 270 thousand bbl/d to 87.41 mb/d in May.

The oil demand projections worldwide didn’t change much and were raised by 0.1 mb/d on average, mainly due to rises in oil demand in non-OECD countries; the total global estimated oil demand inclined to 89.3 mb/d in 2011.

In the report there are also estimated rises in OECD oil stocks mainly attributed to Japan, and global refinery crude demand as U.S. and Europe are preparing for the rise in oil demand this summer.

Current Nymex crude oil price, short term futures (July 2011 delivery) is traded up by 0.11%, as its at $94.91 per barrel as of 15:36*.

The current Dated Brent spot oil price declines by $0.01/b and it is at $114.10 / barrel as of 15:47*.

Euros to USD is currently traded down at 1.4154 a 0.1869% decrease as of 15:44*.

(* GMT)



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