Global Oil output fall to 99.7 mn bpd in February: IEA

Global Oil output fall to 99.7 mn bpd in February: IEA

by admin- Monday, March 18th, 2019 07:21:48 PM

The international’s oil production endured to fall in February, in large part on the returned of OPEC-led supply cuts and outages in Venezuela, the International Energy Agency (IEA) said in its modern-day report.

Global oil output declined by way of 340,000 barrels a day in February, month-on-month, to stand at ninety nine.7 million barrels a day. However, the parent turned into nonetheless up by means of 1.Five million barrels a day in comparison with the identical month a year prior, the employer stated.

Last month’s declines were led by way of decreased crude oil output within the Organization of the Petroleum Exporting Countries–each voluntary and involuntary–of 240,000 barrels a day. That brought the cartel’s February production right down to 30.Sixty eight million barrels day, its lowest level in four years.

Production in Saudi Arabia got here down with the aid of a hundred,000 barrels a day closing month, to 10.14 million barrels an afternoon, the IEA stated. The file said overall Saudi crude output has fallen by way of 920,000 barrels a day from document highs in November.

OPEC and a collection of 10 producers out of doors the cartel, led by means of Russia, agreed overdue last 12 months to together reduce oil output with the aid of 1.2 million barrels a day from October 2018 tiers, for the primary half of this 12 months.

Meanwhile, the IEA stated international oil demand had slowed sharply within the fourth region of ultimate yr, because of weaker urge for food within the Organization for Economic Cooperation and Development–a group of industrialized, oil-ingesting international locations that includes the U.S.

But as a result of robust call for growth out of doors the OECD, the agency kept its average estimate for oil-demand growth for 2018 unchanged at 1.3 million barrels an afternoon, and maintained its call for boom forecast for 2019 at 1.4 million barrels a day.

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