Global oil supply contracted by 300,000 barrels per day (b/d) in April to 99.33 million b/d, with Canada, Kazakhstan, Azerbaijan and Iran leading the losses, according to data from the International Energy Agency (IEA) on Wednesday.
“Maintenance outages in Canada, Azerbaijan and Kazakhstan and improved compliance with agreed output cuts in Russia contributed to a decline in overall non-OPEC supply in April,” the IEA said.
Non-OPEC supply fell by 370,000 b/d in April to average 63.55 million b/d, according to the IEA.
Contrarily, OPEC oil production rose by 60,000 b/d to 30.21 million b/d in April.
OPEC crude output rose for the first time in four months as higher supply from Libya, Nigeria and Iraq more than made up for a significant output loss in Iran.
Output from Libya and Nigeria both increased by 100,000 b/d to 1.17 million b/d and 1.79 million b/d, respectively. Supply in Iraq reached 4.63 million b/d, up by 70,000 b/d from March.
Losses of 130,000 barrels in Iran’s daily output pushed its supply to 2.61 million b/d in April.
“Already at the lowest level since September 2013, production in May could tumble to levels not seen since the 1980s war with Iraq,” the agency said.
The IEA estimates that global oil demand will grow by 1.3 million b/d year on year to 100.4 million b/d in 2019, led by Asia Pacific with 35.5 million b/d. The Americas and Europe is forecast to follow with 32.2 million b/d and 15.1 million b/d, respectively.