International Energy Agency (IEA) reports call on 'OPEC crude & stock change' rising
IEA reports that global oil supply increased by 0.6 mbd to 91.0 mbd in April, 3.9 mbd above last year. Higher Iraqi, Nigerian and Libyan supplies lifted OPEC production by 0.41 mbd, to 31.85 mbd.
The ‘call on OPEC crude and stock change’ is raised by 0.2 mbd to 30.9 mbd for 3Q12 and by 0.4 mbd to 30.7 mbd for 4Q12, with the 2012 average now 30.3 mbd.
OPEC has increased output for seven months running and volumes are now nearly 3 mbd above April 2011 levels. Higher OPEC production has, in part, offset constrained non‐OPEC supplies stemming largely from unplanned outages. OPEC’s Gulf producers also appear to have ramped up output ahead of the anticipated disruption in Iranian crude flows in coming months as the EU’s 1 July oil embargo nears.
Global crude throughputs reached a seasonal low of 73.4 mbd in April, coinciding with a peak in refinery maintenance. Crude runs are expected to rise sharply from May onwards, as refiners complete turnarounds and meet seasonally stronger demand.