No 20



IEA Trims 2003 Demand Growth Forecast To 1.03Mn B/D

The International Energy Agency (IEA) has reduced its forecast of 2003 oil demand growth by 90,000 b/d, mainly to reflect the impact of the SARS epidemic on air travel and non-OECD Asian demand. However, in its latest monthly Oil Market Report, published on 13 May, the IEAs main concern remains low OECD commercial petroleum stocks: In the short term, lower inventory positions benefit both producers and...