IEA: Global oil supply ups by 90,000 bps in February

Azerbaijan, Baku, March 13 / Trend A. Badalova /

Global oil supply increased by 90,000 barrels per day (bpd) to 90.8 million bpd in February 2013, the International Energy Agency's (IEA) report on oil market published on Wednesday said.

According to the IEA' estimates, the increase was driven by a 150,000 bpd hike in OPEC oil production, which amounted to 30.49 million bpd in February.

"Increased Iraqi supply was the main factor behind the OPEC gain," the report said.

Last month, according to the IEA's estimates, non-OPEC output decreased by 60,000 bpd to 54.1 million bpd, but was 0.6 million bpd higher than last year, "as North American output growth offset lower European and Latin American supply."

Non-OPEC supply is projected by the IEA to grow by 1.1 million bpd to 54.5 million bpf in 2013.

The IEA's report said that oil futures prices reversed their upward course in mid-February.

By early-March, prices for benchmark Brent crude had fallen to nine-week lows and were last trading around $110 per barrel, while WTI was pegged at $93 per barrel, the report said.

Following the auction on March 12, the price on Brent futures for April decreased by $0.57 a barrel to $109.65 per barrel.

The cost of WTI April futures on the New York Mercantile Exchange increased by $0.48 to $92.54 per barrel in March.