Friday 14 February 2014

IEA wants oil group to pump out more

IEA wants oil group to pump out more

The International Energy Agency is advising the Organisation of Petroleum Exporting Countries (OPEC) to pump out more oil as demand rises.

In its February oil report, the group said a call on OPEC crude oil should stay the same for the first part of 2014 at 29 million barrels per day.

But this call is being upped by 0.2 million barrels for the rest of the year because of “higher forecast demand”, said the IEA.

Casting an eye back over January, the report noted global supplies fell by 290,000 barrels a day (290 kb/d) to 92.1 million barrels a day.

This was because of lower output from non‐OPEC countries.

Crude oil supply from OPEC members – which include Saudi Arabia and Qatar – rose “marginally” in January by 85,000 barrels a day, up to 29.99 million b/d.

The report said a “downturn” in production from Iraq was offset by a partial recovery in Libyan output.

Written by

Bruna Pinhoni

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