Despite a more upbeat tone on the state of global oil markets, the International Energy Agency acknowledges the outlook remains uncertain
International Energy Agency executive director Fatih Birol. Picture: REUTERS/Max Rossiwith demand a little stronger than expected and supply reined in by a brutal price crash theWorld oil production is on track for a “historic decline” in May to the lowest level in nine years, the IEA said in its monthly report. Opec and its partners are slashing output, while others including the US have been forced to scale back drilling.
“The picture is still very bleak for the industry,” IEA executive director Fatih Birol said on Twitter. “The heaviest demand destruction may be behind us, but huge uncertainties remain.” Oil major BP gave an upbeat take on the demand picture on Thursday, saying it has seen consumption “surge back” this week as supplies have dropped. “We’re seeing a major oil-price correction,” CFO Brian Gilvary said during a Financial Times panel discussion.Global oil supplies are poised to plummet by 12-million bpd, or about 12%, in May compared with April as an alliance of exporters led by Saudi Arabia and Russia implement deep production cuts.
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