Baku, Azerbaijan, April 11
By Leman Zeynalova – Trend:
Oil supply of OPEC+ has dropped by 3.1 million barrels per day (mb/d) since November 2018, Trend reports citing the Oil Market Report of the International Energy Agency (IEA).
“Global oil supply dropped 340 kb/d in March, as OPEC+ cuts deepened and Venezuelan output fell sharply. At 99.2 mb/d, it was 3.1 mb/d below November 2018 and up 530 kb/d y-o-y. In 2019, non-OPEC production will grow 1.7 mb/d versus 2.8 mb/d last year,” reads the report.
IEA said that ICE Brent reached a five-month high above $71/bbl in early April on supply concerns.
“New infrastructure capacity in the US helped WTI to narrow its discount to Brent to $7/bbl. Gasoline markets continued to rally, while cracks for most other refined products fell in March,” reads the report.
IEA global demand growth estimates for 2018 and 2019 are again unchanged at 1.3 mb/d and 1.4 mb/d, respectively.
“After a slow start to the year, OECD growth will be 0.3 mb/d, with non-OECD growing by 1.1 mb/d. Demand in China, India and the US is estimated to have grown by 1 mb/d in Jan-Feb 2019. OECD demand fell in 4Q18 for the first time since end-2014 and also in 1Q19, mainly on weaker European numbers, but it will recover, led by the US,” said the report.
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