PARIS, June 13 (UPI) -- The Paris-based International Energy Agency said Friday global oil supplies rose largely because of output from countries outside of OPEC.
The IEA said in its market report for June global oil supplies rose 530,000 barrels per day to 92.6 million bpd. The increase was due to production from countries outside the Organization of Petroleum Exporting Countries.
"On a yearly basis, world output was up 1.0 million for [May], as non‐OPEC growth of 2.1 million bpd compensated for OPEC declines," the market report said.
OPEC members are reacting to production from the United States and Canada. The United States in particular is importing less oil as it relies more on domestic supplies.
On the demand side, IEA said it expected a modest increase this year to 92.8 million bpd as the global economy continues to move past recession.
"Global oil demand is set to increase sharply from a low of 91.4 million bpd in the first quarter to a high of 94 million bpd in the fourth [quarter]," IEA said.
OPEC in its monthly report for June said the global oil market should be well-supplied.
