• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 2 hours U.S. Shale Oil Debt: Deep the Denial
  • 16 hours Satellite Moons to Replace Streetlamps?!
  • 1 day EU to Splash Billions on Battery Factories
  • 13 hours The Dirt on Clean Electric Cars
  • 1 min Why I Think Natural Gas is the Logical Future of Energy
  • 11 hours Owning stocks long-term low risk?
  • 4 hours Can “Renewables” Dent the World’s need for Electricity?
  • 2 days US top CEO's are spending their own money on the midterm elections
  • 2 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 1 day The end of "King Coal" in the Wales
  • 2 days Uber IPO Proposals Value Company at $120 Billion
Will The U.S.-Saudi Spat Upend Oil Markets?

Will The U.S.-Saudi Spat Upend Oil Markets?

Saudi Arabia appeared to threaten…

Leaked Document: OPEC+ Struggling To Lift Oil Production

Leaked Document: OPEC+ Struggling To Lift Oil Production

An internal OPEC document suggests…

Global Oil Supplies Inch Down In April: IEA

Oil Barrels

Global crude oil supply inched down by 140,000 barrels daily last month, to 96.17 million bpd, the International Energy Agency said in the latest edition of its Oil Market Report.

Commercial oil stockpiles in the OECD countries are estimated to have risen from the March 3.025 billion barrels, marking the first increase since January.

The IEA noted that the April supply figure of 96.17 million bpd was 90,000 bpd lower than in April 2016, but added that non-OPEC output this year is set to rise by 600,000 bpd, which will offset OPEC’s and its partners’ 1.8-million-bpd pledged reduction in global supply only partially.

Yet, OPEC’s own production rose in April, by 65,000 barrels daily last month, to 31.78 million bpd, with increased production in Nigeria and Saudi Arabia compensated for production outages in Libya and lower production rates in Iran, both exempt from the cut agreement.

On the demand side, The IEA reiterated its forecast rate of growth at 1.3 million bpd for this year, to a total 97.9 million barrels, although over the first half of the year demand will grow more slowly because of India, the U.S., Germany, and Turkey.

The IEA concluded that the oil market was close to balance in the first quarter of the year, with average supply building by 100,000 bpd on a global level, and at 300,000 bpd for OECD members. If OPEC keeps its output at the April level, the authority estimates an inventory draw of 700,000 bpd by the end of the second quarter. This number will grow if the output cut extension is agreed by everyone.

Even so, the IEA does not see global oil markets returning to balance—or the five-year average, which is used to measure the market balance—before the year’s end. For this to happen, demand must grow and stockpiles must be “drained further”. The latter would be helped by higher refinery runs after the spring maintenance season, with the IEA expecting these to rise by 2.7 million bpd globally by the start of July.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News