(MENAFN- Trend News Agency ) Baku, Azerbaijan, Dec.14
By Leman Zeynalova – Trend:
Global oil supply rose 0.2 million barrels per day (mb/d) in November to 97.8 mb/d, the highest in a year, according to the Monthly Oil Market Report of the International Energy Agency (IEA).
The reason for such a high level was the rising US production, IEA analysts believe.
'Output was nonetheless down 1.1 mb/d on a year ago when Russia and Middle East OPEC producers pumped at record rates,' said the report.
IEA expects non-OPEC supply to rise by 0.6 mb/d in 2017 and 1.6 mb/d next year.
The agency's forecast for global demand growth remains unchanged at 1.5 mb/d in 2017 (or 1.6 percent) and 1.3 mb/d in 2018 (or 1.3 percent).
'Revisions have been made to data for Nigeria, Germany and Iraq. The baseline for oil demand has been raised by roughly 0.2 mb/d,' said the report.
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