1. In line with the IEA, global oil demand has been revised for both 2007 and 2008. Demand for 2007 has been revised up 140,000 bpd compared with the last month to 86 million bpd, while the 2008 forecast dropped 310,000 bpd compared with the last month's report. The adjustments come primarly in response to the drop in US GDP forecasts, with growth adjusted to 0.5% from 1.5% due to continued financial market turmoil. 2. Demand among OECD countries has been revised downward to 48.9 million bpd, 320,000 bpd down from February's forecast. 3. Non-OECD demand has been revised up 150,000 bpd to 36.9 million bpd for 2007, but no adjustments have been made for 2008 forecasts. The revision to the 2007 demand forecasts is largely due to changes in the IEA's forecasting method for FSU countries.
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