International Organization
World oil supplies see monthly drop in April: IEA
- World output in April '17 was 90 thousand barrels per day below that of April '16

Global oil supply decreased by 140 thousand barrels per day in April to 96.17 million barrels per day (mb/d) compared to the previous month, according to the International Energy Agency’s Tuesday report.

World oil production in April stood at 90 thousand b/d below that of April 2016, the report said.

OPEC crude oil output rose by 65 thousand b/d to 31.78 mb/d in April, "as higher output from Nigeria and Saudi Arabia more than offset lower flows from Libya and Iran," the IEA said.

The IEA added that year-to-date compliance with production cuts remained robust at 96 percent.

"While compliance with the agreed production cuts by OPEC and the eleven non-OPEC countries has generally been strong, we need to keep a close eye on Libya and Nigeria where there are signs that production might be rising sustainably," the agency said.

Additionally, OPEC natural gas liquids and unconventional supply totaled 6.79 mb/d, leading to overall OPEC liquids production, including crude oil output, of 38.57 mb/d in April.

Nigeria, exempt from the supply deal, posted the biggest rise of 80 thousand b/d, after planned maintenance finished at the offshore Bonga field. Saudi Arabia pumped slightly more in April, at 50 thousand barrels per day, but production remained below its agreed supply target, the IEA said.

In April, non-OPEC oil supplies dropped by 255 kb/d to 57.59 mb/d, "as producers subject to the production cut agreement stepped up compliance and supplies of Canadian oil sands were curbed by a fire at an upgrading unit."

The agency forecasts that total non-OPEC supply will average 58.26 mb/d this year, a rise of 600 thousand b/d from 2016.

Additionally, this year global oil demand is forecast to grow by 1.28 mb/d to 97.86 mb/d compared to last year.

By Zeynep Beyza Kilic

Anadolu Agency


16 May,2017