Oil supplies up last month
Global oil supplies increased by 250kb/d in April to 96.2mb/d as higher OPEC output more than offset deepening declines in non-OPEC countries, according to the International Energy Agency (IEA). The organisation’s monthly Oil Market Report, issued on Thursday 12 May, said that year-on-year world output had increased by just 50kb/d, against the rise of more than 3.5mb/d a year earlier. Non-OPEC supply is forecast to drop by 0.8mb/d in 2016 to 56.8mb/d. OPEC crude output rose by 330kb/d in April to 32.76mb/d as a 300 kb/d jump in Iranian flows and a boost in supply from Iraq and the United Arab Emirates more than offset outages in Kuwait and Nigeria.