• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 29 mins Satellite Moons to Replace Streetlamps?!
  • 2 days US top CEO's are spending their own money on the midterm elections
  • 12 hours EU to Splash Billions on Battery Factories
  • 16 hours U.S. Shale Oil Debt: Deep the Denial
  • 24 hours The Balkans Are Coming Apart at the Seams Again
  • 8 hours Owning stocks long-term low risk?
  • 11 hours The Dirt on Clean Electric Cars
  • 1 day Uber IPO Proposals Value Company at $120 Billion
  • 2 days OPEC Is Struggling To Deliver On Increased Output Pledge
  • 2 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 1 day 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 2 days U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 7 hours The end of "King Coal" in the Wales
BP CEO: $80 Oil Is Unhealthy For The World

BP CEO: $80 Oil Is Unhealthy For The World

BP Chief Executive Bob Dudley…

Uncovering The Truth Behind The Khashoggi Disappearance

Uncovering The Truth Behind The Khashoggi Disappearance

The disappearance of self-exiled journalist…

IEA Report Sees Global Oil Supply Fall

IEA Report Sees Global Oil Supply Fall

According to the June IEA report, the global oil supply overall was down 0.8 mb/d for last month, due to outages in both OPEC and non-OPEC nations.

Output was at 95.4 mb/d, which is 590 kb/d down from last year. Next year should see a modest rebound of 0.2 mb/d for Non-OPEC supply growth, after seeing a drop of 0.9 mb/d this year.

OPEC crude dropped to 32.61 mb/d due largely to the activity of the militants in the Niger River Delta, although Iran is becoming OPEC’s “fastest source of supply growth this year, with an anticipated gain of 700 kb/d.”

The wildfires in Canada also contributed to a lack of supply this year. The agency is also keeping a close eye on Venezuela, where the declining national situation could affect that nation’s oil industry.

The IEA notes that growth in the first quarter of 2016 has been revised to 1.6 mb/d, while growth for the year is expected to be 1.3 mb/d. The international agency predicts that this will see global demand hit 97.4 mb/d.

The IEA expects the majority of gains to come from non-OECD nations. The IEA anticipates that non-OPEC nations will see a drop in production of 0.9 mb/d, which includes a drop in shale output from the U.S.

Related: Despite Robust Demand Is Oil Set To Fall Once Again?

The report also states that in the second quarter of this year, outages are having a negative effect on refinery runs, and that throughput is flat. The agency notes that at the halfway point of the year, the market appears to be balancing.

However, the IEA warns that there are volumes of shut-in product that could return to the market and undercut the strong demand in oil that characterized the first half of the year.

By Lincoln Brown 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