Here’s a quick summary of the March findings from the IEA:
Global oil demand is revised down by 70 kb/d in 2009 and up by
30 kb/d in 2010 on preliminary data adjustments in the OECD and
non‐OECD (Asia, Africa and Middle East). With demand now seen at
84.9 mb/d in 2009 and 86.6 mb/d in 2010, year‐on‐year growth
averages ‐1.3 mb/d and +1.7 mb/d, respectively.
• Global oil supply fell by 220 kb/d to 86.6 mb/d in March on lower
OPEC output. Non‐OPEC supply was unchanged in March at
52.5 mb/d, and up by 900 kb/d year‐on‐year. Non‐OPEC 2010 output
is revised up 220 kb/d to 52.0 mb/d, reaffirming a more optimistic
supply outlook amid elevated price levels since 2Q09. Non‐OPEC
supply and OPEC NGLs should rise by a combined 1.3 mb/d in 2010.
• OPEC crude production posted its first significant monthly decline in
over a year, falling by 190 kb/d in March to 29.0 mb/d. Yet the lower
output reflected a near 10% decline in Iraqi crude rather than effort
by OPEC‐11 members to rein in above‐target output. OPEC‐11
production, which excludes Iraq, increased by 30 kb/d to 26.7 mb/d.
Here’s a nice global map showing changes in recent years in various regions:
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