Energy Diplomacy
World oil supplies sees monthly rise in July: IEA
- World output in July '17 was 500 thousand barrels per day above that of July '16

Global oil supply increased by 520 thousand barrels per day in July to 98.16 million barrels per day (mb/d) compared to the previous month, according to the International Energy Agency’s (IEA) Friday report.

World oil production in July stood at 500 thousand b/d above that of July 2016, the report said.

OPEC's crude oil output rose by 230 thousand b/d to 32.84 mb/d in July, "led by a strong recovery in Libya," the IEA said.

"Output from the 12 members restricted by the output pact edged up, weakening compliance to 75 percent, the lowest rate this year," the agency reported.

Additionally, OPEC's natural gas liquids and unconventional supplies totaled 6.99 mb/d, leading to overall OPEC liquids production, including crude oil output, of 39.83 mb/d in July.

Saudi Arabia, the largest producer of the cartel, pumped out 10.05 million b/d in July - unchanged from June’s quantity. Output increased the most in Libya and Nigeria. Production in Libya increased by 170 thousand b/d and 30 thousand b/d in Nigeria, both exempt from the output cut deal.

Last month, non-OPEC supply rose by 200 thousand b/d to 58.3 mb/d, "as Canadian output recovered from outages and U.S. crude production continued to trend higher."

The agency forecasts that total non-OPEC supply will average 59.6 mb/d next year, a rise of 1.4 mb/d from 2017.

Additionally, next year's global oil demand is forecast to grow by 1.4 mb/d to 99 mb/d compared to this year.

By Zeynep Beyza Kilic

Anadolu Agency



11 Aug,2017