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OPEC output slumps, IEA says

OPEC oil output in decline, but global supplies propped up by production elsewhere, IEA says.
By Daniel J. Graeber   |   April 11, 2014 at 10:18 AM   |   Comments

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PARIS, April 11 (UPI) -- Oil output from members of the Organization of Petroleum Exporting Countries was sharply lower in March, the International Energy Agency said Friday.

IEA released its monthly oil market report Friday. It said global oil supplies declined by 1.2 million barrels per day to 91.8 million bpd last month, led by "steeply lower" output from OPEC producers.

IEA, which has headquarters in Paris, said crude oil supplies from OPEC dropped by 890,000 bpd to 29.62 million bpd last month, led primarily by declines from Iraq, Libya and Saudi Arabia.

In its own report earlier this week, OPEC said demand for its crude oil is expected to average 29.6 million bpd, a 400,000 bpd decline from the previous year.

IEA said, however, that global oil supplies were up by 1.1 million bpd year-on-year, lead by producers outside the 12-member OPEC cartel.

"Nonā€OPEC growth of 1.98 million bpd more than offset a nearly 1 million bpd drop in OPEC crude," IEA said.

OPEC's April report said non-OPEC production was coming primarily from North America. Non-OPEC supply last year averaged 54.2 million bpd, a 1.34 million bpd increase from 2012.

[IEA]
[OPEC]

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