Global oil supply increased by 260 thousand barrels per day in February to 96.52 million barrels per day (mb/d) compared to the previous month, according to the International Energy Agency’s Wednesday report.
Despite a monthly rise in output, world oil production in February was 170 thousand b/d below that of February 2016, the report said.
OPEC crude oil output rose by 170 thousand b/d to 32 mb/d in February, " putting compliance with the group’s supply cut at 91 percent for the month," IEA said.
Additionally, OPEC natural gas liquids and unconventional supply totaled 6.74 mb/d, leading to overall OPEC liquids production, including crude oil output of 38.74 mb/d in February.
"Saudi supply in February rose 180 thousand b/d month-on-month to 9.98 mb/d, still below Riyadh’s agreed target of 10.06 mb/d," IEA said.
Along with Saudi Arabia, Angola and Qatar have also cut by more than the required volumes for two months running and Kuwait has carried out its cut in full, IEA added.
In February, non-OPEC oil production rose by 90 thousand b/d to 57.8 mb/d.
IEA forecasts total non-OPEC supply to average 58.1 mb/d this year, a rise of 400 thousand b/d from 2016.
Additionally, this year global oil demand is forecast at 98 mb/d with a growth of 1.4 mb/d compared to last year.
By Zeynep Beyza Kilic