Opec output bounces back as global supply increases
Global oil supply inched up by 90,000 b/d in February, reaching 90.8 million b/d, as a rise in Opec crude production boosted supply
Opec crude output reached 30.49m b/d last month, up 150,000 b/d, mainly driven by increased supply from Iraq and smaller increments from Iran, Algeria, Qatar, Nigeria and Libya. These increases offset lower output from Angola, the International Energy Agency (IEA) said. However, demand for Opec crude will remain subdued, mostly because of cutbacks from refiners as the peak spring turnaround period begins, especially at plants in Asia. The agency said heavy spring refinery maintenance cut the call on Opec crude for 2013 to 29.7m b/d, a drop of 100,000 b/d on January estimates. Increased militant activity in Libya and Nigeria may also curb output in March. Although Venezuela’s production does
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