World oil supply falls by nearly 600,000 barrels a day

The dip was mainly from non-Opec production, and in July it had fallen to 96.6m b/d

World oil supply fell nearly 600,000 barrels a day (b/d) in July to 96.6m b/d mainly on lower non-Opec production. Despite the monthly fall, total output towered 2.7m b/d above a year earlier, of which Opec crude and natural gas liquids made up nearly 60%. Opec oil supply held steady near a record three-year high in July at 31.79m b/d. Saudi output eased from an all-time high, offsetting another record-smashing month from Iraq and the UAE and slightly higher Iranian production. Total Opec production stood 1.3m b/d above a year ago. The IEA said a stronger demand outlook and slower non-Opec growth have raised the ‘call on Opec crude and stock change’ for 2016 to 30.8m b/d, up 1.4m b/d year-on