Oil market report posted

by: Michael McAllister

The International Energy Agency posted their June Oil Market Report this morning.  You have to be a subscriber for the full report but they do post a teaser.

  • Strong diesel and crude demand in U.S.
  • Demand continues to slow in China and Europe offset by North America and Pacific.
  • 2005 demand growth relatively unchanged at 1.78 million barrels per day (mb/d) or 2.2%.
  • May output 84.6 mb/d, up .26 mb/d. 
  • non-OPEC supply estimate for 2005 remains 51.0 mb/d.
  • OPEC crude supply was 29.3 mb/d for May.
  • Lower Venezuela and UAE output
  • Iraq southern production was lower
  • Revised up the estimate on how much OPEC will need to produce to sate 4Q demand to 29.6 mb/d.
  • Projects OPEC capacity to be 32.2 mb/d by year end.