IEA sees global oil markets rebalancing by year end
In their April Monthly Market Report, the International Energy Agency (IEA) reported global oil production at 96.1 million bbl/day in March, down 300,000 bbl/day from February. Ongoing outages in Nigeria, the UAE and Iraq offset increases from Iran and Angola.
OPEC production declined 90,000 bbl/day to 32.5 million bbl/day in March. The IEA predicts OPEC production will reach 33 million bbl/day by year end. Non-OPEC supply dropped by 710,000 bbl/day in March to 57.0 million bbl/day. The agency currently estimates the world oil markets are oversupplied by 1.5 million bbl/day but that surplus will decline to 200,000 bbl/day by the end of the year thanks to lower non-OPEC production and an increase in global demand.