Global oil demand to accelerate in 2015: IEA
According to the IEA, OPEC’s oil production increased by 890,000 bpd to 31.02 million bpd in March, posting the strongest monthly gain since June 2011. Among OPEC countries, Saudi Arabia’s oil output increased 390,000 bpd to 10.1 million barrels per day in March with exports rising 600,000 bpd to 7.4 million bpd. Iraq’s oil output increased by 350,000 bpd to 3.67 million bpd while oil production in Libya rose by 190,000 bpd to 480,000 bpd. Iran’s crude output also increased to 1.27 million bpd in March to post the highest level in a year owing to higher demand from China.
The agency left its forecast for oil output in non-OPEC countries unchanged at 57.4 million bpd while it cut its growth forecasts for North American oil production for the second half of the year by 160,000 bpd due to lower rig counts in the region.
Meanwhile, the IEA reported that global supply rose by 3.5 million bpd in March compared with the same month of 2014.
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