As we suggested in last week's report, the decline in tanker market earnings proved to be shortlived, enabling owners to breathe more easily again, at least for a few weeks. The seemingly inevitable downturn in the tanker market, based on the underlying fundamentals, has been deferred in the short term. The latest International Energy Agency oil supply/demand forecasts for 2004 show that the call on Opec crude (excluding stock changes) for the second quarter of 2004 will be 23.3M bpd. This would be 4.4M bpd below average Opec production for the fourth quarter of 2003, which averaged 27.7M bpd.
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机译：正如我们在上周的报告中所建议的那样，油轮市场收益的下降被证明是短暂的，这使得船东至少在几周内可以再次轻松呼吸。基于潜在的基本面，油轮市场看似不可避免的低迷已在短期内推迟。国际能源机构（International Energy Agency）2004年的最新石油供需预测显示，2004年第二季度对欧佩克原油的需求量（不包括库存变动）将为2330万桶/天。这将比欧佩克2003年第四季度的平均产量（平均每天2770万桶）低440万桶。
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