IEA monthly oil market report: Keeps forecast of global oil demand growth for 2019 at 1.4 mbpd

The International Energy Agency (IEA), in its latest Oil Market Report, left forecast of global oil demand growth for 019 at 1.4 million bpd on the back of robust Chinese and Indian consumption.

Key points:

   •  Global oil supply dropped 340K bpd in March on OPEC cuts, lower Venezuelan output.
   •  OPEC crude oil production fell 550K bpd in March to 30.1 million bpd.
   •  Global refining throughput fell by 2.5 million bpd in March on unplanned outages, especially in the US.
   •  Non-OPEC supply growth decelerated sharply to 2.4 million bpd in Q1, from breakneck pace seen in H2 2018.
   •  Venezuelan March crude output down 270K bpd m/m at 870K bpd.
   •  OECD oil stocks fell 21.7 million bpd in Feb. to 2.87 billion barrels, still 16 million barrels above the 5-year average.