200 thousand barrels per day decrease in global oil supply
The International Energy Agency (IAA) reported that global oil production decreased by approximately 200 thousand barrels per day in April compared to the previous month, falling to 102 million barrels.
According to the oil market report for April by the International Energy Agency (IAA), crude oil production of the Organization of Petroleum Exporting Countries (OPEC) increased by 120 thousand barrels per day in April compared to the previous month, reaching 26 million 970 thousand barrels.
During this period, non-conventional OPEC production other than crude oil was recorded as 5 million 530 thousand barrels per day. Thus, OPEC’s total oil production was 32 million 500 thousand barrels per day last month.
Daily oil production of non-OPEC countries decreased by 310 thousand barrels per day in the said period, reaching 69 million 560 thousand barrels.
Thus, global oil production decreased by approximately 200 thousand barrels per day in April compared to the previous month, falling to 102 million barrels.
According to the report, global oil supply fell as maintenance work in Canada reduced production and Russia partially fulfilled OPEC+ production cuts.
IEA cuts global oil demand forecast
IEA reduced its global oil demand forecast for this year by 140 thousand barrels per day compared to last month’s report. According to the report, global oil demand is expected to increase by 1 million 100 thousand barrels per day this year to 103 million 200 thousand barrels.
The decrease in demand forecast was due to weak demand from OECD countries and especially Europe in the first quarter of the year. It is estimated that oil demand in OECD countries will decrease by 200 thousand barrels per day this year, reaching 45 million 600 thousand barrels.
It is predicted that demand in non-OECD countries will increase by 1 million 200 thousand barrels per day this year to 57 million 500 thousand barrels, and next year it will increase by 1 million 300 thousand barrels to 58 million 800 thousand barrels.
It is estimated that global oil demand will reach 104 million 300 thousand barrels next year, an increase of approximately 1 million 200 thousand barrels per day compared to this year.