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Oil Market Report - February 2018
…inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights Global oil supply in January edged lower to 97.7 mb/d but was 1.5 mb/d above last year as rebounding US production underpinned non-OPEC output growth.OPEC crude oil production in January was steady month-on-month (m-o-m) at 32.16 mb/d. Higher Nigerian output offset losses elsewhere. Compliance with supply cuts reached a new high of 137%.Non-OPEC output dropped by 175 kb/d in January, to 58.6 mb/d, but was 1…
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Oil Market Report - October 2018
…respectively, led by the United States.OPEC crude oil production rose by 100 kb/d in September to a one-year high of 32.78 mb/d. Since May, OPEC output has increased by 735 kb/d, led by the main Gulf producers and supported by Nigeria and Libya, offsetting falls in Iran and Venezuela.Refiners are facing increased competition as capacity additions surge between now and end-2019. After increasing by 0.9 mb/d this year, refinery runs will grow by 1.3 mb/d in 2019, while refined product demand growth is only 1 mb/d.OECD commercial stocks rose 15.7 mb in…
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Oil Market Report - November 2017
…Non-OPEC supply is expected to rise by 0.7 mb/d in 2017 and 1.4 mb/d next year, led by higher US output.OPEC crude output fell 80 kb/d in October due mainly to lower supply from Algeria, Iraq, and Nigeria. Output of 32.53 mb/d, the lowest since May, was down 830 kb/d from the record rates seen a year ago. The compliance rate with supply cuts in October was 96% and for the year-to-date it was 87%.Hurricane Harvey contributed to OECD industry stocks falling by 40 mb in September to below 3 000 mb for the first time…
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Oil Market Report - June 2017
…February 2016. Gains were dominated by non-OPEC, particularly the US.OPEC crude output rose by 290 kb/d in May to 32.08 mb/d, the highest level so far this year, after comebacks in Libya and Nigeria, which are exempt from supply cuts. Output from members bound by the production deal edged lower, which kept year-to-date compliance strong at 96%.OECD commercial stocks rose in April by 18.6 mb (620 kb/d) on higher refinery output and imports. They stand 292 mb above the five-year average and are higher than when OPEC decided to cut output. For May, preliminary…
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Oil Market Report - April 2017
…however, with growth of 485 kb/d expected in 2017, recovering from a decline of 790 kb/d last year.OPEC crude output fell by 365 kb/d in March to 31.68 mb/d, led by losses in Nigeria, Libya - both exempt from supply cuts - and Saudi Arabia. OPEC's 1Q17 output of 31.9 mb/d was 240 kb/d below the 1Q17 "call" on its crude. The call rises to 32.9 mb/d in 2Q17, which implies global stocks will draw further if OPEC maintains solid adherence to its supply cut.OECD industry stocks drew moderately in February and are forecast to fall further in March…
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Oil Market Report - February 2017
…leading to record initial compliance of 90% with the output agreement. Some producers, including Saudi Arabia, cut supply by more than required. Lower production was partly offset by higher flows from Libya and Nigeria, which are exempt from cuts.After falling by 0.8 mb/d last year, non-OPEC output will grow by 0.4 mb/d in 2017.Growth is mainly in the Americas, where higher prices are fuelling increased investments in US LTO activity and long lead-time projects are coming on stream in Brazil and Canada.OECD total oil stocks fell nearly 800 kb/d in…
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Oil Market Report - May 2019
…Azerbaijan and Iran leading the losses. At 99.3 mb/d, output was up 775 kb/d on a year ago. In 2019, non-OPEC supply will grow 1.9 mb/d versus 2.8 mb/d last year.OPEC crude output rose 60 kb/d in April to 30.21 mb/d as higher flows from Libya, Nigeria and Iraq offset Iranian losses. Effective spare capacity was 3.2 mb/d, with Saudi Arabia holding 70%. The call on OPEC is 30.9 mb/d in 2Q19, falling to 30.2 mb/d for 2H19.In 2Q19, refining throughput is seeing a third consecutive quarter of lacklustre growth…
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Oil Market Report - September 2018
…US. Non-OPEC production will grow by 2 mb/d in 2018 and 1.8 mb/d in 2019.OPEC crude supply rose to a nine-month high of 32.63 mb/d in August. A rebound in Libya, near record Iraqi output and higher volumes from Nigeria and Saudi Arabia outweighed a substantial reduction in Iran and a further fall in Venezuela.From August's record rate of 83.5 mb/d, global crude runs decline due to maintenance before surging in December to another record high of 84.5 mb/d. US refining is booming with runs almost reaching 18 mb/d in August, while…
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Oil Market Report - May 2017
…96.17 mb/d, output stood 90 kb/d below a year ago, even as non-OPEC returned to growth. Non-OPEC supply is set to increase 600 kb/d in 2017.OPEC crude production rose by 65 kb/d in April to 31.78 mb/d as higher output from Nigeria and Saudi Arabia more than offset lower flows from Libya and Iran. Crude production was down 535 kb/d compared to April 2016. Year-to-date compliance with production cuts remained robust at 96%.OECD commercial stocks decreased for a second straight month in March, by 32.9 mb (1.1 mb/d), to 3 025 mb. Product…
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Oil Market Report - May 2023
…the country setting an all-time record in March at 16 mb/d. While the OECD is set to return to growth in 2Q23, its average 2023 increase of 350 kb/d pales in comparison with 1.9 mb/d in non-OECD gains.Significant outages in Iraq, Nigeria and Brazil were only partly offset by increases elsewhere, with global oil supply down by 230 kb/d to 101.1 mb/d in April. Steeper losses are in store for May as wildfires shut in Canadian barrels and extra cuts from some OPEC+ producers take effect. From April through December…
