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According to IEA, further OPEC cuts and OECD production outages led to a 265,000-bopd decline in March world oil supply to 85.3 million bpd. EIA, however, estimates that OPEC increased production by 162,000 bopd. Global demand was revised down to 85.8 million bopd.
The international rotary rig count dropped sharply in March, due to a seasonal decline in Canada. Note that Canada dropped a whopping 38%, after decreasing only 13% at this time last year. In fact, this was the largest Canadian decline in the month of March since 2002.
Forecasters at Colorado State University reported that the Atlantic basin hurricane season will likely be “very active,” though not as threatening as 2004 or 2005. API will release new offshore engineering standards by June, taking into account findings that waves are much larger in certain parts of the Gulf of Mexico than others.
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