Baku, July 12, AZERTAC
Global oil supply increased by 300 thousand barrels per day to 100.28 million barrels per day (mbpd), topping the 100 mb/d mark for the first time since January, according to data from the International Energy Agency (IEA), Anadolu Agency reports.
“The bulk of the increase stemmed from Kazakhstan while "higher flows from the U.S., Brazil, Nigeria and Russia also contributed," according to the IEA's Oil Market Report.
Output in Kazakhstan in June rose by 280 thousand b/d to 2.03 mbpd. Meanwhile, OPEC production fell by 90 thousand b/d to 29.91 mbpd, led by losses from Iran, Iraq and Angola. The cartel's output is hovering at a five-year low, the IEA said.
Crude production in Iran declined by 120 thousand b/d in June to 2.28 mbpd, "hovering at a three-decade low as the U.S. seeks to eliminate Iranian exports," the agency added.
© Content from this site must be hyperlinked when used.