Global oil supplies rose 250,000 barrels per day in April to 96.2 million barrels per day as higher OPEC output more than offset deepening non-OPEC declines, according to Oil Market Report released by the International Energy Agency (EIA) on May 12.
Year over year world output grew by just 50,000 barrels per day in April versus gains of more than 3.5 million barrels per day a year ago, IEA said.
2016 non-OPEC supply is forecast to drop by 0.8 million barrels pre day to 56.8 million barrels per day.
Global oil demand growth for the first quarter of 2016 was revised upwards to 1.4 million barrels per day, led higher by strong gains in India, China and, more surprisingly, Russia.
For the year as a whole, IEA forecasts growth at 1.2 million barrels per day with demand reaching 95.9 million barrels per day.
OPEC oil output rose by 330,000 barrels per day in April to 32.76 million barrels per day as a 300,000 barrels per day jump in Iranian flows and a boost in Iraqi and UAE supplies more than offset outages in Kuwait and Nigeria, the IEA’s report said.
Saudi Arabia’s output was steady near 10.2 million barrels per day, according to the report.
Iranian supply rose to 3.56 million barrels per day, a level last hit in November 2011 before sanctions were tightened, the IEA said.