No 46



IEA Cuts 2003 Call On OPEC Crude Estimate By 500,000 B/D

The International Energy Agency (IEA) has reduced its estimated call on OPEC crude supplies for 2003, but maintained its forecast of global demand growth at 1.04mn b/d next year. In its latest monthly Oil Market Report, published on 12 November, the IEA explains: The call on OPEC crude plus stock change for 1Q03, 2Q03 and full-year 2003 has been revised downward by 500,000 b/d, 400,000 b/d and...