International Energy Agency Report

Forecast increases in demand are less bullish than reported by OPEC on account of slowing activity in China; however, on the short term maintenance issues in different geographical areas and refining bottlenecks could keep supply-demand dynamics tight.

Top 5 Consumers:

US – demand estimated at 18.5 mb/day, up 1.4%

China – demand growth estimated at a lower rate of 3.8%

Japan – demand contracted by 3.3% in April down to 4.2 mb/day

India – consumption up 3.1% to an average 3.8 mb/day; lower than previous 4% rate of growth

Russia – consumption up 1.2% at 3.1 mb/day

Please contact our team at THALASSA CAPITAL for the full report