This paper deals with the most important events that have influenced supply and demand fundamentals in the first quarter of 2013.
First, the continuous tension between Iran and the West is described and we will give insight into the complexity of this dispute. Then, the second theme, unconventional shale oil production in the US, is dealt with and their impact to the position of US as consumer. Both supply factors have made oil markets sharp of new developments. On the demand side recent events in Europe: the elections in Italy, the disturbance in Spain and a shock wave from Cyprus, which could have a massive effect on demand for oil, are described.