VOL. XLVII

No 13

29-March-2004

OPEC

OPEC Cuts 2003 Oil Demand But 2004 Incremental Growth Forecast Rises

OPEC has cut its assessment of global oil demand in 2003 by 210,000 b/d to 78.3mn b/d in its March Monthly Oil Market Report, due to downward revisions in the 1Q and 2Q consumption data and significantly lower apparent demand in the FSU in 4Q. This has led OPEC to adjust downwards its world oil demand forecast for 2004 by 80,000 b/d to 79.75mn b/d from 79.83mn b/d, although incremental growth...