IEA: Global oil supplies growing rapidly with record output
By Trend
Global oil supplies are growing rapidly, as record output from Saudi Arabia, Russia and the US more than offsets declines from Iran and Venezuela, the International Energy Agency said in its Oil Market Report.
‘October output was up 2.6 million barrels per day (mb/d) on a year ago. Non-OPEC output will grow by 2.4 mb/d this year and 1.9 mb/d in 2019,” said the report.
“Today, the Big Three, Russia, Saudi Arabia and the United States, all see output at record levels. Total non-OPEC production in August, the latest month for which we have consolidated data, was 3.5 mb/d higher than a year ago, with the United States contributing an extraordinary 3.0 mb/d. Russia's crude output has hit a new record of 11.4 mb/d, with companies suggesting that they could produce even more.”
This is while OPEC crude output rose 200 kb/d in October to 32.99 mb/d, up 240,000 b/d on a year ago, according to IEA estimates.