Cold weather from mid-February lifted year-on-year OECD demand by 1.3 million barrels/day (MMbpd) in February 2005, partly offset by lower FSU apparent demand. Chinese demand growth slowed to 5.4% i..
Cold weather from mid-February lifted year-on-year OECD demand by 1.3 million barrels/day (MMbpd) in February 2005, partly offset by lower FSU apparent demand. Chinese demand growth slowed to 5.4% in the first two months of 2005, well below the 20.8% growth of a year ago.
Thus, a recent outlook from the International Energy Agency (IEA) has revised world 2005 demand slightly downward: by 50 thousand barrels/day (Mbpd). "Fears of a surge in second-quarter Chinese demand are receding, OPEC is raising production and oil stocks are at a higher base than previously reported," according to IEA.
March world oil supply rose by 365 Mbpd to 84.2 MMbpd, from a lower February base.
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