No 16



OPEC Forecasts Call On Its Crude At Average 24.65Mn B/D In 2003

OPEC has forecast that the call on its crude, which is the difference between world oil demand and non-OPEC production, will average 24.65mn b/d in 2003. In its March Monthly Oil Market Report, OPEC revised upwards its forecast for world oil demand in 2003 by 290,000 b/d to 77.43mn b/d, but also increased its forecast for non-OPEC supply (including OPEC NGLs and non-conventional oils) by 260,000 b/d...