IEA reports World Oil liquids supply at 90.0 million barrels per day in November

Global oil supply rose by 0.9 mb/d to 90.0 million barrels per day in November from October, driven by lower non‐OPEC supply outages. A yearly comparison shows similar growth, with OPEC supplies standing well above year‐ago levels. Non‐OPEC supply growth averages 0.1 mb/d for 2011 but rebounds to 1.0 mb/d in 2012, with strong gains expected from the Americas.

Updated medium‐term projections show global oil demand rising from
88.3 mb/d in 2010 to 95.0 mb/d in 2016, growth of 1.1 mb/d per year on
average. A stronger global liquids supply outlook now sees upstream capacity
attain 101.5 mb/d by 2016, average yearly growth of 1.3 mb/d, with the
outlook for Iraq, Libya and the Americas stronger than in June. Meanwhile,
global crude distillation capacity additions for 2010‐2016 are trimmed by
0.9 mb/d, but remain a substantial 8.7 mb/d.

OPEC crude oil supply in November rose to the highest level in more than
three years, up by 620 kb/d to 30.68 mb/d, with Saudi Arabia and Libya
accounting for 80% of the increase. OPEC ministers will meet on 14 December
in Vienna to review the market outlook. The ‘call on OPEC crude and stock
change’ for 2012 stands at 30.2 mb/d, near recent OPEC output levels.

A more precarious economic backdrop and weaker 4Q11 data – particularly for
OECD Europe – curb oil demand projections for 2011 and 2012 by around
0.2 mb/d. Global oil demand is expected to average 89.0 mb/d by 2011, a rise of
0.7 mb/d on 2010, before gaining a further 1.3 mb/d in 2012 to reach 90.3 mb/d.

If you liked this article, please give it a quick review on ycombinator or StumbleUpon. Thanks

About The Author

IEA reports World Oil liquids supply at 90.0 million barrels per day in November

Global oil supply rose by 0.9 mb/d to 90.0 million barrels per day in November from October, driven by lower non‐OPEC supply outages. A yearly comparison shows similar growth, with OPEC supplies standing well above year‐ago levels. Non‐OPEC supply growth averages 0.1 mb/d for 2011 but rebounds to 1.0 mb/d in 2012, with strong gains expected from the Americas.

Updated medium‐term projections show global oil demand rising from
88.3 mb/d in 2010 to 95.0 mb/d in 2016, growth of 1.1 mb/d per year on
average. A stronger global liquids supply outlook now sees upstream capacity
attain 101.5 mb/d by 2016, average yearly growth of 1.3 mb/d, with the
outlook for Iraq, Libya and the Americas stronger than in June. Meanwhile,
global crude distillation capacity additions for 2010‐2016 are trimmed by
0.9 mb/d, but remain a substantial 8.7 mb/d.

OPEC crude oil supply in November rose to the highest level in more than
three years, up by 620 kb/d to 30.68 mb/d, with Saudi Arabia and Libya
accounting for 80% of the increase. OPEC ministers will meet on 14 December
in Vienna to review the market outlook. The ‘call on OPEC crude and stock
change’ for 2012 stands at 30.2 mb/d, near recent OPEC output levels.

A more precarious economic backdrop and weaker 4Q11 data – particularly for
OECD Europe – curb oil demand projections for 2011 and 2012 by around
0.2 mb/d. Global oil demand is expected to average 89.0 mb/d by 2011, a rise of
0.7 mb/d on 2010, before gaining a further 1.3 mb/d in 2012 to reach 90.3 mb/d.

If you liked this article, please give it a quick review on ycombinator or StumbleUpon. Thanks

About The Author