Crude futures slipped on assurances from members of OPEC that the cartel was not likely to cut production, and some members might pump above their output quotas, to cool down overheated markets. Light, sweet crude for April delivery fell to US$54.25 a barrel on the New York Mercantile Exchange.
Stockpiles could even increase by 2 million bpd day during Q2, when demand declines following the northern hemisphere winter. International Energy Agency, expects world oil demand growth of 1.81 million bpd, bringing its forecast for average daily demand to 84.3 million barrels.
15-Mar-05 
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