IEA: Global oil supplies fall by 290,000 bpd in January

Photo: IEA: Global oil supplies fall by 290,000 bpd in January 
 / Oil&Gas

Baku, Azerbaijan, Feb. 13

By Aygun Badalova -Trend:

Global oil supplies fell by 290,000 barrels per day (bpd) to 92.1 million bpd in January, on lower non-OPEC output, according to the International Energy Agency's (IEA) report on oil market published on Feb. 13.

"Supplies were up 1.5 million bpd year-on-year (y-o-y), however, as steep growth of 1.9 million bpd in non‐OPEC output and OPEC NGLs surpassed a drop of 390,000 bpd in OPEC crude production," the report said.

IEA predicts non-OPEC supply growth at 1.7 million bpd in 2014.

OPEC oil supply increased by 85,000 bpd to 29.99 million bpd in January, with a downturn in production from Iraq offset by a partial recovery in Libyan output, according to the report.

The report said that non-OECD (Organisation for Economic Co-operation and Development) countries accounted for more than 90 percent of global growth of 1.2 million bpd for 2013 as a whole, and will make up all of the 1.3 million bpd increase forecast for 2014, as the OECD resumes its structural decline.

Follow us on Twitter @TRENDNewsAgency