Industry at a glance
Vol. 230 No. 7 May global oil supply fell by 190,000 bpd to 83.37 million bpd. OPEC crude oil production in May again increased, by 170,000 bpd to 33.38 million bpd, about 1.1 million bpd over the group’s target. OPEC opted to hold output targets steady at its May 28 meeting in Vienna.
May global oil supply fell by 190,000 bpd to 83.37 million bpd. OPEC crude oil production in May again increased, by 170,000 bpd to 33.38 million bpd, about 1.1 million bpd over the group’s target. OPEC opted to hold output targets steady at its May 28 meeting in Vienna. For the first time in 10 months, the IEA has adjusted its global oil demand forecast upward. Following stronger-than-expected first-quarter OECD data, the IEA revised its 2009 demand forecast by 120,000 bpd. Global oil demand, forecast at 83.3 million for 2009, is still down 2.9%, or 2.5 million bpd, compared with 2008. This is the first two-year decline since 1982–83. The IEA states that these revisions do not necessarily imply economic recovery, but may reflect a slowing in the previously sharp decline.
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