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peplareon Feb 17, 2015 1:14pm
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IEA: Global supplies fell by 235 000 barrels per day
IEA: Global supplies fell by 235 000 barrels per dayOIL INDUSTRY Oil market report for February
IEA: Global supplies fell by 235 000 barrels per day
Tuesday February 17, 2015 11:57AM ET Global supplies fell by 235 000 barrels per day (235 kb/d) in January to 94.1 mb/d on lower OPEC and non-OPEC production, according the IEA Oil Market Report (OMR) for February.
Reductions in capital expenditures have cut projected 2015 non-OPEC supply growth to 800 kb/d. US 2015 production is seen 200 kb/d lower than in last month's Report, at an average 12.4 million barrels per day (mb/d), with most of the cuts in the second half of the year. OPEC crude oil output fell by 240 kb/d in January to 30.31 mb/d, led by losses from Iraq and Libya, though output from Saudi Arabia, Kuwait, Angola and Nigeria edged up. Downward revisions to the non-OPEC supply growth forecast for the second half have raised the “call” on OPEC to an average 30.2 mb/d – just above the group's official target of 30 mb/d. The forecast of global oil demand growth for 2015 is unchanged from the January OMR, at 0.9 mb/d, bringing average demand for the year to 93.4 mb/d. Growth is expected to gain momentum from a modest 0.6 mb/d gain in 2014, on a slightly improved macroeconomic outlook. Global refinery crude throughputs rose by 1.1 mb/d in December, to 79.1 mb/d, before maintenance curbed activity in January. An unexpected dip in Saudi Arabian runs in November underpins a 140 kb/d downward revision to last month's assessment of fourth-quarter 2014 runs, to 78.1 mb/d. Throughputs are projected to fall to 77.6 mb/d in the current quarter. The Oil Market Report for February coincides with the release of the Medium-Term Oil Market Report 2015 and so is an abbreviated issue that includes highlights, a lead article and tables.