- global oil market may not tighten as expected in H2 due to supply,stock build
- cuts forecast of US crude oil production in 2015 by 50k bpd, sees growth at 550k bpd as shale estimates rev down
- OPEC crude oil production soared 890k bpd in March to 31.02mln bpd, near 2 year high led by Saudi Arabia, Lybia and Iraq
- OPEC crude oil output may be sustained or even rise in April
- Saudi crude oil supply rose 390k bpd in March to 10.1m bpd near 2year high
- Iraq crude oil supply +350k bpd to 3.67m bpd in March, pushing exports to record of almost 3m bpd
IEA out with their monthly report and anticipating supply to keep on coming
Full report here
Brent $60.47 lower from $60.80 on the news understandably