February Oil Market Report Released

According to the report by the International Energy Agency (IEA), the estimate of 2013 global oil demand has been slightly lowered, following the International Monetary Fund’s (IMF) forecast.

The IEA’s February Oil Market Report lowered its estimate of global oil demand, to 90.7 million barrels a day (mb/d) in 2013, following downward revisions to the IMF’s forecast of economic activity, while the global demand estimate for the final quarter of 2012 was trimmed by 210 kb/d to 91.0 mb/d on weaker data for Saudi Arabia and the hurricane-hit United States.

Global oil supplies fell 300, 000 barrels a day (300 kb/d) in January, to 90.8 mb/d, according to the report. Non-OPEC supplies fell by 190 kb/d to 54.2 mb/d. OPEC crude oil production was estimated at 30.34 mb/d, down 100 kb/d month-on-month, near 12-month lows after higher output from Saudi Arabia and Kuwait failed to mitigate declines elsewhere.

OECD industry inventories edged down by 22 mb in December to 2 688 mb. Crude and "other products" led the decline while gasoline and middle distillates built. The first-quarter estimate of global refinery crude runs was cut to 75.1 mb following a steep reduction in US runs. Despite this, first-quarter runs are seen 515 kb/d above the previous quarter.