Monthly oil market reports from Opec today (just published today) and the IEA tomorrow will further cast some light on these two major forecasters' views on production and demand going forward.
According to a Bloomberg news story today, the Opec update confirms market expectations of a plunge in last month's crude output, with the impact of planned cutbacks exacerbated by the political crisis in Venezuela. Opec oil output, it said, tumbled by 534,000 barrels a day to just above 30 million a day in March. It added that "If output remains at current levels, global oil inventories will decline sharply this quarter and next."
Opec report IEA report