14 March 2012 09:44 [Source: ICIS news]
SINGAPORE (ICIS)--Crude oil supply from OPEC (Organization of Petroleum Exporting Countries) in February rose to its highest level since October 2008, amid ongoing concerns over Iranian crude supplies, boosted by higher output in ?xml:namespace>
Output from OPEC in February rose by 315,000 bbl/day month on month to 31.4m bbl/day, the IEA said in its monthly report.
Crude oil supplies from
“Market attention has been evenly focused on the potential disruption in Iranian crude flows in coming months as the EU’s 1 July oil embargo nears and the very real loss of supplies from non-OPEC producers
Crude production in
“Already, sanctions of the country’s central bank are having a pronounced impact on Iranian crude trade patterns,” it said.
“While a number of European countries have reportedly already halted imports of Iranian crude, latest shipping data show other buyers such as
“Going forward, a number of European buyers have expressed concern that they will have difficulty finding replacement barrels of similar quality to
Exports of crude from
“Almost all of the country’s current lifters will inevitably scale back volumes in order to avoid falling foul of US sanctions,” the agency said.
“The most immediate impact so far has been on the shipping industry, which has seen EU insurance companies announce suspension of coverage for tankers that call at Iranian ports,” it added.
Meanwhile, non-OPEC oil production is forecasted to have fallen by 500,000 bbl/day to 52.8m bbl/day in February on the back of weather and mechanical-related field outages in the North Sea and
Continued unrest and additional sanctions in
On the demand front, the IEA has kept its 2012 global oil demand forecast unchanged from its previous estimate at 89.9m bbl/day.
The daily oil demand in 2011 was 89.1m bbl/day, according to the agency.
“The world is likely to see a relatively modest expansion in oil product consumption in 2012, as a subdued economic backdrop coincides with relatively high oil prices,” the IEA added.
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