IEA says global oil supplies down by 235,000 bpd in January

Baku, Azerbaijan, Feb. 10

By Aygun Badalova - Trend:

Global oil supplies fell by 235,000 barrels per day (bpd) in January to 94.1 million bpd, on lower OPEC and non-OPEC production, according to the International Energy Agency's (IEA) oil market report, published in Feb.10.

OPEC crude oil output fell by 240,000 bpd in January to 30.31 million bpd, led by losses from Iraq and Libya, according to the IEA's estimates.

"Downward revisions to the non-OPEC supply growth forecast for 2H15 have raised the 'call' on OPEC to an average 30.2 million bpd - just above the group's official target of 30 million bpd," the report said.

Reductions in capital expenditures have cut projected 2015 non-OPEC supply growth to 800,000 bpd.

IEA kept its global oil demand growth forecasts for 2015 unchanged at 0.9 million bpd, bringing average demand for the year to 93.4 million bpd.

Growth is expected by the IEA to gain momentum from a modest 0.6 million bpd gain in 2014, on a slightly improved macroeconomic outlook.