OPEC pumped 32.52m barrels per day in April

OPEC countries’ oil production reached 32.52 million barrels per day (mb/d) in April. That’s 140,000b/d higher compared to March, new data released by S&P Global Platts revealed. The increase was due to Iran and Iraq’s production which rose by 150,000b/d each after OPEC and non-OPEC producers failed to agree on a proposal to freeze output, […]

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 […]

IEA: Non-OPEC output to decline by 12% in 2016

Non-OPEC production is estimated to fall by 12% this year. That accounts to around 750,000 barrels per day (b/d) to 74 million barrels b/d, according to the International Energy Agency (IEA). The reduction is also 100,000 b/d less than the IEA’s forecast last month. It’s latest Oil Market Report (OMR) added global supplies eased by 180,000 b/d […]

Oil demand growth to ease back in 2016, says IEA

Oil demand growth is forecast to ease back “considerably” in 2016. It will be reduced to 1.2 million barrels per day (mb/d), according to the International Energy Agency (IEA). Oil demand peaked to 1.6mb/d in 2015. In its Oil Market Report (OMR) for February, the IEA stated demand will be pulled down by “notable slowdowns” in Europe, […]

Non-OPEC demand falls for the first time since 2012

Global oil demand in non-OPEC countries has fallen year-on year for the first time since 2012. It has been reduced from a near five-year high in the third quarter of last year, at 2.1 million barrels per day (mb/d), to a one-year low in the fourth quarter of 1mb/d. That’s due to mild temperatures in […]

IEA: Global oil demand to fall in 2016

The world’s oil demand is forecast to grow to 1.2 million barrels per day (mb/d) in 2016. The International Energy Agency (IEA) said that’s because of a slow growth in demand the current quarter as it fell to 1.3mb/d from a peak of 2.2mb/d last quarter. The resulting annual growth of 1.8 mb/d in 2015 was led […]

Global oil demand to fall from five-year high

Global oil demand is forecast to fall to 1.2 million barrels per day (mb/d) next year. That’s according to a new report from the International Energy Agency (IEA), which stated the reduction follows a five-year high of 1.8 mb/d in 2015. The IEA’s ‘Oil Market Report for November’ added global supplies breached 97 mb/d last month […]

Global oil demand growth to slow in 2016

The growth in global demand for oil is expected to slow to 1.2 million barrels per day (mb/d) in 2016. That’s according to the International Energy Agency (IEA) which stated world oil supply was around 96mb/d in September. Non-OPEC countries output accounted for under 40% of the 1.8mb/d annual increase. The IEA’s monthly oil report […]

Non-OPEC nations’ oil supply ‘could be cut in 2016’

Oil supply at non-OPEC countries could be cut by almost 500,000 barrels per day (b/d) in 2016. That’s the biggest decline in more than two decades, according to the International Energy Agency (IEA). The prediction follows reduced oil prices which hit a six-year low in August, its latest Oil Market Report revealed. Lower output in the US, […]