Thursday 12 May 2016

Global oil supplies rose 250k barrels per day in April

Global oil supplies rose by 250,000 barrels per day (b/d) in April.

Higher OPEC output "more than offset deepening declines in non-OPEC countries", according to the latest International Energy Agency (IEA).

Its Oil Market Report (OMR) added on a year-on-year basis, the world’s output grew by 50,000 b/d last month in comparison to more than 3.5 million b/d a year earlier.

Non-OPEC supply is expected to drop by 0.8 million b/d this year to 56.8 million b/d.

OPEC oil output rose by 330,000 b/d to 32.76 million b/d in April.

That's due to a 300,000 b/d jump in Iranian flows and a boost in supply from Iraq and the UAE which more than offset outages in Kuwait and Nigeria.

Iranian supply rose to 3.56 million b/d, a level last hit in November 2011, before sanctions were tightened, the IEA stated.

Saudi Arabia's output was steady near 10.2 million b/d.

Global oil demand growth for the first quarter of this year increased to 1.4 million b/d led by strong gains in India, China and more Russia, it added.