IEA trims 2007 oil demand forecast slightly but warns mkt is tightening

The International Energy Agency lowered its 2007 oil product demand forecast marginally but warned the global oil market is tightening and said the situation will not improve unless OPEC ups its output before the summer

“While the optimist can point to the glass being half-full this report anticipates a thirsty market in the months ahead,” said the Paris-based energy watchdog

The agency said while total stocks in industrialised countries of the OECD region are in the upper portion of the 5 year range, preliminary data still points to a 930,000 bpd drop in stocks in the first quarter

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