Global oil supply down in May on lower Canadian output, IEA says

12 June 2013 10:55  [Source: ICIS news]

LONDON (ICIS)--Global oil supply fell to 91.2m bbl/day in May 2013 compared to April – down by 90,000 bbl/day – on the back of lower Canadian production, the International Energy Agency (IEA) said on Wednesday.

Non-OPEC oil supply fell by 230,000 bbl/day during the month to 53.8m bbl/day.

The decrease was partially offset by natural gas liquids (NGLs) from OPEC nations and non-OPEC supply, the IEA added.

Supplies during the month were 180,000 bbl/day higher than in May 2012.

OPEC crude oil supplies increased by around 135,000 bbl/day to 30.89m bbl/day on a month-on-month basis in May, driven by increased Saudi Arabian productivity.

The IEA also predicts the seasonal ramp-up in production in the third quarter of the year is likely to be steeper than normal, with runs increasing by 2.2m bbl/day from the second to third quarter.

The ramp-up is likely to be centred in non-OECD countries, with key drivers including new distillation capacity in Saudi Arabia, increased Chinese runs following heavy spring maintenance and rising production levels at the Amuay plant in Venezuela, which was damaged by a fire last year.

Demand growth is likely to be 785,000 bbl/day during 2013 – a growth rate of 0.9% – after demand estimates were trimmed on the back of revised Russian data.

Non-OPEC annual supply growth is expected to average 1.1m bbl/day during the year.

The IEA noted that representatives of many OPEC countries voiced concern over the impact of shale gas on the bloc’s market share at OPEC’s most recent meeting on 31 May. A committee has been set up by OPEC to assess the impact of unconventional oil.


By: Tom Brown
+44 208 652 3214



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