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IEA revises estimates for non-OPEC supply in Nov report

by ChemOrbis Editorial Team -
  • 13/12/2018 (20:36)
OPEC crude oil output rose by 100,000 b/d month-on-month to 33 million b/d in November on the back of record-high production levels from Saudi Arabia and the UAE, the International Energy Agency (IEA) stated in its latest monthly report. Oil prices seem to have found a floor after the most recent production cut deal reached by the OPEC and non-OPEC members earlier this month.

The IEA stated that record-breaking production levels from Saudi Arabia and the UAE have more than offset a sharp loss from Iran, which is under the US sanctions.

The Paris-based agency has kept its global oil demand growth estimates for 2018 largely unchanged at 1.3 million b/d and slightly revised its estimates for OECD demand upwards for Q4 2018 while non-OECD demand confirmed an expected slowdown due to relatively high prices.

The agency’s projection for oil demand growth in 2019 also remained unchanged at 1.4 million b/d due to lower economic growth estimates, and weakening currencies.

In November, global oil supply fell 360,000 b/d on a monthly basis to 101.1 million b/d as a result of reduced output in the North Sea, Canada and Russia.

Commercial oil stocks in the Organization for Economic Cooperation and Development (OECD) rose in October for the fourth consecutive month, by 5.7 million barrels, to 2.87 million barrels and stood above the five-year average for the first time since March, the IEA said.

The IEA also highlighted the growing US influence in the oil markets, noting that the country became a net exporter of crude oil and products for the first time in several years, as was previously mentioned in detail in ChemOrbis Plastics News US becomes net exporter of oil for first time in 75 years.
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