IEA: World oil production drops by 0.7 million bpd in March

Oil&Gas Materials 14 April 2011 16:18 (UTC +04:00)

Azerbaijan, Baku, April 14 / Trend A. Badalova /

World oil production fell by 0.7 million bpd to 88.3 million bpd in March.

These estimates are contained in a report on the oil market published today by the International Energy Agency (IEA). The drop in global production last month was observed due to decreased Libyan oil supplies.

Oil production in non-OPEC countries increased by 0.2 million bpd to 53.3 million bpd in March.

According to IEA projections, oil production by non-OPEC member countries increased by 0.1 million bpd to 53.7 million bpd in 2011 due to the high level of production in Canada.

Oil supplies by OPEC countries reduced by 890,000 bpd up to 29.2 million bpd in March.

The IEA left the forecasts on the world oil demand in 2011 unchanged at 89.4 million bpd, or 1.4 million bpd more than in 2010.