According to the International Energy Administration (IEA), global supplies of oil fell by 235 000 bpd in January to 94.1 million bpd on lower OPEC and non-OPEC production.
Reductions in capital expenditures have cu projected 2015 non-OPEC supply growth to 800 000 bpd. US 2015 production is seen 200 000 bpd lower than in last month’s Oil Market Report (OMR), at an average 12.4 million bpd, with most of the cuts in the second half of the year.
OPEC crude oil output fell by 240 000 bpd in January to 30.31 million bpd, led by losses from Iraq and Libya, though output from Saudi Arabia, Kuwait and Nigeria edged up. Downward revisions to the non-OPEC supply growth forecast for the second half have raised the ‘call’ on OPEC to an average 30.2 million bpd, just above the group’s official target of 30 million bpd.
Global refinery crude throughputs rose by 1.1 million bpd in December, to 79.1 million bpd, before maintenance curbed activity in January. An unexpected dip in Saudi Arabian runs in November underpins a 140 000 bpd downward revision to last month’s assessment of fourth quarter 2014 runs, to 78.1 million bpd. Throughputs are projected to fall to 77.6 million bpd in the current quarter.
Adapted from a press release by Emma McAleavey.