Up 200,000 bps from January
- Lowers 2011 oil demand growth forecast slightly by 10,000 bpd to 1.44 mln bpd
- OECD oil stocks rose to 58.2 days of forward demand cover in January from 57.4 days in December
- Maintains 2011 forecast for demand for OPEC oil at 29.9 mln bpd
- OPEC production fell by 90,000 bpd to 30.05 mln bpd in February vs January on Libya unrest
- Raises 2011 non-OPEC supply estimate by 150,000 bpd to 53.63 mln bpd
- Saudi oil production up in February at 8.62 mln bpd vs January at 8.52 mln bpd
- High oil prices entail “significant downside risks” to 2011 oil product demand growth (yer think, you seen the price of a litre of petrol!!!)
