Global oil supplies fall by 290,000 bpd: IEA
Global oil supplies fell by 290,000 barrels per day (bpd) to 92.1 million bpd in January, on lower non-OPEC output, according to the International Energy Agency's (IEA) report on oil market published on Feb. 13.
"Supplies were up 1.5 million bpd year-on-year (y-o-y), however, as steep growth of 1.9 million bpd in non‐OPEC output and OPEC NGLs surpassed a drop of 390,000 bpd in OPEC crude production," the report said.
IEA predicts non-OPEC supply growth at 1.7 million bpd in 2014.
OPEC oil supply increased by 85,000 bpd to 29.99 million bpd in January, with a downturn in production from Iraq offset by a partial recovery in Libyan output, according to the report.
The report said that non-OECD (Organisation for Economic Co-operation and Development) countries accounted for more than 90 percent of global growth of 1.2 million bpd for 2013 as a whole, and will make up all of the 1.3 million bpd increase forecast for 2014, as the OECD resumes its structural decline.
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