Although there is still some lack of visibility on markets due to the Ukraine crisis and the implication of major producer, Russia, the International Energy Agency (IEA) said that demand/supply balances for the remainder of the year are roughly in balance but OPEC will be called upon to produce more oil after mid-year. The IEA said in its latest monthly Oil Market Report (OMR) that the global demand forecast for 2014 is essentially unchanged from last month's report as minor downward revisions to Russian demand is offset by a rise in emerging countries demand in Asia. Global demand this year is now expected to average 92.7mn barrels per day (mbpd) compared to 91.4mn bpd in 2013, according to Kuwait News Agency.