IEA says March global oil output up 740,000 bpd vs Feb

<a href=www.troyrecord.com>AFX News Ltd. April 10, 2003

PARIS, Apr 10, 2003 (AFX-Asia via COMTEX) -- The International Energy Agency said global oil production rose by a further 740,000 barrels per day in March, after February's 2.25 mln bpd increase.

OPEC crude supply gained 95,000 bpd with higher output from Venezuela, Saudi Arabia and Kuwait helping offset losses from Iraq and Nigeria.

Non-OPEC supply increased by 240,000 bpd, the agency said.

The Paris-based agency left its 2003 global oil demand forecast virtually unchanged at 78 mln bpd, compared to 78.01 mln bpd in February.

Though damage to oil infrastructure in Iraq appears limited so far, the timing and extent of supply recovery both from Iraq and Nigeria is uncertain, it warned.

OPEC spare capacity is low, but that is partly offset by significant volumes of oil on the water plus seasonal demand decline, it added.

fw/cw