ECONOMY


IEA: Global oil supply falls in May

Baku, June 17, AZERTAC

During May, global oil supply edged down 100,000 barrels per day (tbpd) to 99.5 million barrels per day (mbpd), nearly 3 mbpd below a November peak, according to data from the International Energy Agency (IEA), Anadolu Agency reports.

"The month-on-month (m-o-m) loss - led by Canada, Iran, Russia and Saudi Arabia - was mostly offset by higher supply from Brazil, the US, Iraq and biofuels," the IEA's Oil Market Report.

In addition, as for OPEC, plunging Iranian production and lower Saudi and Nigerian output cut crude supply by 230 tbpd to just under 30 mbpd, a five-year low.

"For OPEC output, at 29.95 mbpd, production was down 230 tbd m-o-m and 1.5 mbpd lower than a year ago," IEA said.

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