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Global oil supply fell by 41,000 barrels per day (bpd) in April, the Organisation of Petroleum Exporting Countries (OPEC) said in this month’s oil market report. The organisation said world oil supply fell by 0.41 million barrels per day (mbpd) in April to average 95.81 mbpd.
However, global oil production was 831,000 barrels daily higher than a year ago and increased by 363,000 barrels per day in the first quarter of the year, it added.
The report said: “Non-OPEC oil supply in 2016 was revised down by 18,000 barrels per day due to a downward revision of Russian oil supply in fourth quarter of 2016 to average 57.30 million barrels per day indicating a year-on-year decline of 0.71 million barrels per day.
“In contrast, oil supply in 2017 was revised up by 0.36 million barrels per day to average 58.25 million barrels per day – representing year-on-year growth of 0.95 million barrels per day, following changes in all quarters, mostly in the US, based on US actual production data from February and new forecasts for crude oil output.
