Highlights of the latest Oil Market Report by IEA
The IEA released some statistics on the general outlook on oil supply today. It states that Futures prices fell in early November but bounced back later and into December as refinery runs picked up. Oil markets took an interim deal on the Iran nuclear question in their stride. Rising US supplies helped the WTI-Brent spread widen to $17.55/bbl at end November.
– The estimate of global oil demand for 2013 has been revised up by 130 kb/d, to 91.2 mb/d, on stronger-than-expected 3Q13 OECD demand growth of 320 kb/d. Global demand is now seen advancing by 1.2 mb/d in both 2013 and 2014, to reach 92.4 mb/d in 2014.
– Global oil supplies increased by 310 kb/d in November to 92.3 mb/d, as non-OPEC crude output topped 43 mb/d for the first time in decades. Year on year, November supplies rose by 810 kb/d, as a 1.9 mb/d surge in non-OPEC liquids and OPEC NGL more than offset a 1.1 mb/d drop in OPEC crude.
OPEC crude supply fell by 160 kb/d in November to 29.73 mb/d, its fourth consecutive monthly decline. Renewed disruptions in Libya and smaller drops in Nigeria, Kuwait, the UAE and Venezuela more than offset higher output in Iran, Iraq and Angola. OPEC ministers kept their group output target unchanged at 30 mb/d.
Read more: iea.org