Global oil supply decreased by 800,000 barrels per day in May to 95.4 million barrels per day (mb/d) compared to the previous month, according to the International Energy Agency鈥檚 Tuesday report.
The fall in supply is linked to planned and unscheduled supply disruptions from OPEC and non-OPEC, the report says.
In May, OPEC crude oil production dropped by 110,000 b/d to 32.61 mb/d.
Additionally, OPEC natural gas liquids and unconventional supply totaled 6.8 mb/d, leading to overall OPEC liquids production including crude oil production of 39.44 mb/d in May.
The drop in OPEC was mainly from Nigeria.
"Force majeure on four key export grades cut Nigerian supply by 250 kb/d to 1.37 mb/d - the lowest in nearly three decades," the report showed.
"Deepening outages in Nigeria outweighed significantly higher production from Kuwait, Iran and the UAE," IEA said.
Non-OPEC oil production fell by 650,000 b/d in May to 55.9 mb/d, due to "declines stemming primarily from the U.S., Canada, China, Colombia, Italy and Ghana."
In 2016, the IEA estimates that total non-OPEC supply is forecast to average 56.8 mb/d, a decline of 900,000 b/d from 2015 and pick up in 2017 to reach 57 mb/d.
In addition in 2016, global oil demand is forecast to be 96.07 mb/d with a growth of 1.3 mb/d compared to last year and continue at the same pace to reach an estimated 97.4 mb/d in 2017, the report shows.
In 2017, the largest demand will come from Asia Pacific at 33.8 mb/d, followed by the Americas with 31.4 mb/d, according to the report.
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By Zeynep Beyza Kilic
Anadolu Agency
zeynep.karabay@aa.com.tr
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