World oil supplies sees monthly drop in August: IEA

Global oil supply decreased by 720 thousand barrels per day in August to 97.7 million barrels per day (mb/d) compared to the previous month, according to the International Energy Agency’s (IEA) Wednesday report.

World oil production in August stood 1.2 mb/d above that of August 2016 "as non-OPEC continued to show substantial growth," the report said.

OPEC's crude oil output fell by 210 thousand b/d to 32.67 mb/d in August, "for the first time in five months, after renewed turmoil in Libya disrupted flows and others pumped less," the IEA said.

"The 12 members bound by OPEC’s supply pact raised their compliance rate to 82 percent from 75 percent during July," the agency reported.

Additionally, OPEC's natural gas liquids and unconventional supplies totaled 6.99 mb/d, leading to overall OPEC liquids production, including crude oil output, of 39.66 mb/d in August.

Saudi Arabia, the largest producer of the cartel, pumped out 10 million b/d in August – 30 thousand b/d below July’s quantity. Output decreased the most in Libya, exempt from the output cut deal, by 140 thousand b/d.

Last month, non-OPEC supply fell by over 500 thousand b/d to 58 mb/d, due to "scheduled and unscheduled outages."

The agency forecasts that total non-OPEC supply will average 59.6 mb/d next year, a rise of 1.5 mb/d from 2017.

Additionally, next year's global oil demand is forecast to grow by 1.4 mb/d to 99.1 mb/d compared to this year.

By Zeynep Beyza Kilic


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