Some of the nervousness which drove oil prices to record highs in March has receded – Oil Market Report
11 May 2012
Slightly stronger global oil demand coincides with a non‐OPEC supply prognosis trimmed by an average 0.2 mb/d for the second half of the year. Nonetheless, with OPEC producing an estimated 31.8 mb/d in April, and OECD stocks having clawed their way back from earlier tight levels, some of the nervousness which drove prices to record highs in March has receded. Global crude throughputs reached a seasonal low of 73.4 mb/d in April but runs are expected to rise sharply from May onwards, as refiners complete turnarounds and meet seasonally stronger demand.
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