The IEA in their Oil Market Report for December 2001 did not alter their previous estimate of only a marginal increase in oil demand in 2001 over 2000, a 0.14 mbd increase only.
During November 2001 world oil production increased by 0.29 mbd compared to the previous month. OPEC oil production decreased whereas non-OPEC oil production increased by a total of 0.63 mbd.
Total industry oil stocks in the OECD area grew by 0.22 mbd in October 2001. According to the IEA, winter fuels in primary storage continue to remain at comfortable levels.
Source: INTERTANKO