Industry at a glance ///
Oil prices continued to climb in March, with West Texas Intermediate (WTI) crude oil averaging $105.45 per barrel for the month. In response to the continued high prices, EIA increased its price forecast for WTI to $100.61 per barrel from the $94.11 the organization predicted last month. “The global oil market remains tight entering the second quarter, despite a slowdown in US oil consumption and growing risks to global economic growth,” said EIA.
Global oil supply fell by 80,000 bpd to 86.84 million bpd in March with increases in China and Brazil unable to offset continued reductions in Norway and OPEC. OPEC crude supply fell by 265,000 bpd to 32.1 million bpd, on field maintenance in UAE, Nigeria and Venezuela. IEA’s 2008 global oil demand forecast was revised down by 310,000 bpd to 87.2 million bpd, citing weak economic growth as a major influence on the decrease in demand.
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