IEA says oil supply still rising
HOUSTON, May 13, 2015 – The global supply of oil is still on the rise despite a slowdown in US shale oil production, the International Energy Agency (IEA) said in its Oil Market Report for May.
The agency said global oil production increased by 3.2 million barrels per day year-on-year in April. It reported that oil supply remained steady between March and April, but indicated that this had been a result of increased OPEC production offsetting a drop in non-OPEC production.
The report acknowledged an increase in demand, projecting growth of 1.1 million barrels of oil per day for 2015. This is likely to be offset by rising supply, however, as non-OPEC production is set to rise by an estimated 830,000 barrels of oil per day, according to the IEA.
The IEA also said it expected global refinery crude runs to drop seasonally to 77.8 million barrels of oil per day in the second quarter of 2015, compared to 78.2 million barrels in the first quarter.