Global oil supply drops to 88.3m bbl/day on Libyan conflict - IEA

12 April 2011 13:48  [Source: ICIS news]

LONDON (ICIS)--Global oil supply fell by 700,000 bbl/day in March to 88.3m bbl/day as lower Libyan crude production cut into OPEC output, the International Energy Agency (IEA) said on Tuesday.

Non-OPEC oil production rose by 200,000 bbl/day in March to 53.3mbbl/day. This was due to growing Chinese and Brazilian supply and on recovery at Azerbaijan’s Chirag oil field, the IEA said in its monthly report.

“Political unrest and strikes in Yemen, Oman, Gabon and Ivory Coast shuts in an estimated 100,000 bbl/day of crude output in March and April,” the report added.

OPEC’s crude production fell sharply by 890,000 bbl/day in March to 29.2m bbl/day, due to a near 70% drop in Libyan output.

"The loss of Libyan production and the 25-30% jump in oil prices since the crisis began in mid-February has so far drawn a limited response from fellow OPEC members," the IEA said.

However, the agency noted in its monthly report that global oil output was 1.5m bbl/day higher year on year, with increases of 650,000 bbl/day each for non-OPEC and OPEC NGLs (natural gas liquids), while OPEC crude was up by 200,000 bbl/day.

“...overall supply from the producer group remained above year‐ago levels — largely due to higher output from Saudi Arabia since the beginning of the year, as well as smaller increases from the UAE and Kuwait,” the report said.

Global product demand remains unchanged for 2010 and 2011, at 87.9m bbl/day and 89.4m bbl/day respectively.

Meanwhile, the IEA predicts there will be a higher anticipated post-earthquake Japanese oil use for power generation and construction.

By: Tanzeel Akhtar
+44 208 652 3214

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