Global supply holding steady at 3.2m b/d

Data from the International Energy Agency has showed growth in global oil supply

Despite slowing US light tight oil output, global oil supply growth remained at a steep 3.2 million barrels per day (b/d) year-on-year in April. At 95.7m b/d, total oil supplies were flat from March as higher Opec output offset a drop in non-Opec data from the International Energy Agency (IEA) showed.  Still, non-Opec supply growth for 2015 is projected to reach 830,000 b/d, up by 200,000 b/d, since the IEA’s last report, on surprisingly strong output in the first quarter from a number of countries, including Russia, China, Colombia, Vietnam and Malaysia. Opec output increased by 160,000 b/d to total 31.21m b/d in April – the highest since September 2012 – as Iraq and Iran boosted output and