IEA says global oil supplies down by 625,000 bpd in September
Azerbaijan, Baku, Oct. 11 / Trend A.Badalova /
Global oil supplies declined by 625,000 barrels per day (bpd) to 91.12 million bpd in September on steeply lower OPEC output, according to the International Energy Agency's (IEA) report on oil market published on Friday.
IEA predicts non-OPEC supply growth for 2013 to average 1.1 million bpd to 54.7 million bpd, rising to a near-record 1.7 million bpd next year.
According to the report, OPEC crude supplies slipped below 30 million bpd for the first time in almost two years, led by steep drops in Libya and Iraq.
Output fell by 645,000 bpd to 29.99 million bpd despite Saudi Arabia's output topping 10 million bpd for a third month running, the report said.
IEA said in its report that recent demand strength has raised the 2013 oil demand forecast by 90,000 bpd to 91 million bpd.
Demand growth is projected by the IEA at 1 million bpd (or 1.1 percent) for 2013, ramping up to 1.1 million bpd in 2014 as the macroeconomic backdrop improves.