From the International Energy Agency:
Record pumping rates in the Middle East and recovering flows in Nigeria consolidate OPEC market share
13 July 2016
Global oil supplies rose by 0.6 mb/d
in June, to 96 mb/d, after outages curbed OPEC and non-OPEC supplies in
May, while production was 750 kb/d below as higher OPEC output only
partially offset non-OPEC declines, the newly released IEA Oil Market Report
(OMR) for July informs subscribers. Non-OPEC supplies are set to
decline by 0.9 mb/d in 2016, to 56.5 mb/d, before rising 0.2 mb/d in
2017.
Robust European demand supported second
quarter 2016 global demand growth at around 1.4 mb/d year-on-year,
momentum that will be roughly matched through the year as a whole. A
modest deceleration is foreseen in 2017, as growth eases to 1.3 mb/d
taking average deliveries up to 97.4 mb/d.
Crude oil prices eased from an early
June peak above $52/bbl, but traded within a $45-$50/bbl range. Growing
uncertainty over the global economy and the related dollar strength
weighed, but the downside was limited by further declines in US
production and inventories.
OPEC crude output rose by 400 kb/d in
June to an eight-year high of 33.21 mb/d, including newly re-joined
Gabon. Saudi Arabia ramped up to a near-record rate of 10.45 mb/d and
Nigerian flows partially recovered. Middle East producers sustained
record pumping rates, consolidating market share and pushing OPEC’s
total output 510 kb/d above one year ago.
OECD commercial inventories built by
13.5 mb in May to end the month at a record 3 074 mb. Preliminary
information for June suggest that OECD stocks added a further 0.9 mb
while floating storage has continued to build, reaching its highest
level since 2009.
May global refinery throughput plunged
by almost 1 mb/d from April, to 1.5 mb/d year-on-year, as heavy outages
took their toll in many regions. This lowered the second quarter
estimate for global refinery intake to 78.54 mb/d – the first
year-on-year drop in three years. The forecast for third quarter
throughput is more steady at 80.95 mb/d.
The Oil Market Report
(OMR) is a monthly International Energy Agency publication which
provides a view of the state of the international oil market and
projections for oil supply and demand 12-18 months ahead. To subscribe,
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