The International Energy Agency said in its monthly market report oil supplies since last January are up because of "steep growth" from non-OPEC members. The IEA, however, said global oil supplies in January declined by 290,000 barrels per day to 92.1 million bpd because of lower non-OPEC output.
OPEC in its monthly market report, published Wednesday, said oil production from the Americas meant demand for OPEC crude from those markets was down. In terms of production, it said winter operations in the Bakken oil reserve area in North Dakota, the second-largest oil producing state in the United States, decreased because colder temperatures "freezes" the more viscous type of oil found there.
For OPEC members, IEA said oil supply increased marginally in January by 85,000 bpd compared with the previous month to 29.9 million bpd, led in part by recovery in Libyan oil production. OPEC in its report said Libya was among the standouts among member states.
IEA, however, said much of that gain was offset by "a downturn in production from Iraq."