• Robust demand has depleted oil inventories to the lowest level since 2008, tightening the market in the near-term.
  • Questions remain as to the medium and long-term outlook on oversupply as US production surges.
  • During the last three months of 2013, oil inventories in OECD countries fell by 1.5 M/bd. That’s the steepest quarterly decline since 1999.
  • The IEA increased its forecast for global oil demand growth in 2014 by 50,000 bd to 1.3 M/bd. That was boosted by a resurgence of demand in NAM and Europe following several years of falling production.
  • The developing world accounted for more than 90% of global demand growth of 1.2 M/bd for 2013 as a whole, and will comprise all of the 1.3 M/bd increase in 2014.