Press Release - IEA releases Oil Market Report for June
Outages in OPEC and non-OPEC countries cut global oil supply by nearly 0.8 mb/d in May. At 95.4 mb/d, output stood 590 kb/d below a year earlier - the first significant drop since early 2013.
Non-OPEC supply growth is expected to return in 2017 at a modest 0.2 mb/d, after declining by 0.9 mb/d in 2016, the newly released IEA Oil Market Report (OMR) for June informs subscribers.
OPEC crude output fell by 110 kb/d in May to 32.61 mb/d as big losses in Nigeria due to oil sector sabotage more than offset higher Middle East output. Iran has clearly emerged as OPEC’s fastest source of supply growth this year, with an anticipated gain of 700 kb/d.
Global oil demand growth in 1Q16 has been revised upwards to 1.6 mb/d and for 2016 growth will now be 1.3 mb/d. In 2017 we will see the same rate of growth and global demand will reach 97.4 mb/d. Non-OECD nations will provide most of the expected gains in both years. The growth rate is slightly above the previous trend, mostly due to relatively low crude oil prices.
page source http://www.iea.org/
