OPEC crude output rose 60,000 barrels per day (b/d) in April to 30.21 million barrels per day (mb/d) as higher flows from Libya, Nigeria and Iraq offset Iranian losses, Trend reports citing the International Energy Agency (IEA).
“Effective spare capacity was 3.2 mb/d, with Saudi Arabia holding 70 percent. The call on OPEC is 30.9 mb/d in 2Q19, falling to 30.2 mb/d for 2H19,” reads the IEA report.
IEA said that OECD (Organization of Economic Co-operation and Development) oil stocks fell by 25.8 mb in March to 2 849 mb, more than the five-year average of 4 mb owing to counter-seasonal crude draws. In days of forward demand, stocks amount to 59.8 days, their lowest level since July 2018, the report says.
Moreover, IEA 2018 oil demand growth estimate has been revised down by 70 kb/d to 1.2 mb/d and its 2019 forecast is reduced by 90 kb/d to 1.3 mb/d. “Revisions for 2018 impacted mainly non-OECD Asia and African countries. The 2019 revision is seen in OECD Asia in 1Q19.”
Non-OECD countries will drive global oil demand in 2019, adding 1.1 mb/d of growth, with China and India growing by 0.7 mb/d, according to the report.
“Net OECD growth will be 0.2 mb/d, led by the US. Global oil demand will average 100.4 mb/d in 2019.”
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