OECD to see oil supply growth y-o-y

Oil&Gas Materials 16 September 2021 17:48 (UTC +04:00)
OECD to see oil supply growth y-o-y

BAKU, Azerbaijan, Sept.16

By Leman Zeynalova – Trend:

Countries of the Organization of Economic Co-operation and Development (OECD) will see positive trend in oil supply in 2021 and 2022 with 28.010 million barrels per day (mbpd) and 29.397 mbpd, respectively, as compared to 27.942 mbpd last year, Trend reports with reference to the International Energy Agency (IEA).

Crude oil supply in OECD will rise from 19.474 mbpd in 2020 to 19.516 mbpd before reaching to 20.710 mbpd in 2022. NGLs will stand at 6.926 mbpd in 2021, as compared to 6.845 mbpd in 2020 and will amount to 7.140 mbpd next year. Non-conventional oils (excluding biofuels) will fall from 1.624 mbpd in 2020 to 1.568 mbpd in 2021 and will further drop to 1.547 mbpd in 2022.

OECD total industry stocks drew by 34.4 mb in July and stood at 2 850 mb, 185.7 mb lower than the 2016-2020 average and 120.3 mb below the pre-Covid five-year average. Preliminary data for the US, Europe and Japan show industry stocks decreased by a further 31.1 mb while crude oil held in short-term floating storage decreased by 20.3 mb to 101.7 mb in August.

World oil supply fell 540 kb/d m-o-m in August to 96.1 mb/d and is expected to hold steady in September as unplanned outages offset increases from OPEC+. Hurricane Ida shut in 1.7 mb/d of oil production along the US Gulf Coast at end-August, with potential supply losses from the storm approaching 30 mb. An uptrend in supply should resume in October as OPEC+ continues to unwind cuts, outages are resolved and as other producers increase.


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