VOL. XLVI

No 25

23-June-2003

SUPPLY/DEMAND

IEA Keeps 2003 Demand Growth Forecast At 1Mn B/D, Revises Stocks Upward By 78.8Mn Barrels

The International Energy Agency (IEA) has maintained its estimate of 2003 global oil demand growth at 1.0mn b/d, but took markets by surprise by announcing a major upward revision of OECD inventories. In the latest monthly Oil Market Report, published on 11 July, the agency said: Preliminary March OECD industry stock data have been revised upwards by some 78.8mn...