The Availability and Price of Petroleum and Petroleum Products Produced in Countries Other Than Iran

The Availability and Price of Petroleum and Petroleum Products Produced in Countries Other Than Iran

The U.S. Energy Information Administration releases bimonthly report on “The Availability and Price of Petroleum and Petroleum Products Produced in Countries Other Than Iran”
Global liquid fuels consumption outpaced production in March and April 2013, resulting in a 1.1-million-barrel-per-day (bbl/d) average draw in global oil stocks, according to a report released today by the U.S. Energy Information Administration (EIA). Despite consumption exceeding production, crude oil prices were lower during the two-month period, reflecting weaker expectations for global economic growth.
Additional findings of the report include:
The Brent front month futures price reached its lowest level since July 2012, averaging about $99 per barrel for the five-day period ending April 23.
Non-OECD countries accounted for nearly all of the increase in total world oil consumption over year-ago levels and the three-year average.
The total volume of production that is off line due to unplanned outages in non-OPEC countries declined by less than 10 thousand bbl/d in March and April 2013, relative to the previous two-month period, to average 0.9 million bbl/d. Unplanned non-OPEC outages continue to exceed the more typical levels that prevailed in the fourth quarter 2011.
Global surplus oil production capacity increased by an average of 0.8 million bbl/d in March and April 2013 compared with the year-ago level, but it still remains 0.2 million bbl/d lower than the historical three-year average.
Greater spare production capacity and smaller inventory draws in March and April 2013 compared with January and February 2013 support a looser international crude oil market.
This is the eighth in a series of reports prepared in fulfillment of the National Defense Authorization Act (NDAA). The law requires EIA to submit to Congress a bimonthly report on the availability and price of petroleum and petroleum products produced in countries other than Iran.
The full report can be found at: www.eia.gov/analysis/requests/ndaa/
SOURCE: U.S. Energy Information Administration
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