ANKARA
Global oil supply in May declined to 96 million barrels per day, a decrease of 155,000 barrels per day compared with the previous month, according to the International Energy Agency's report published on Thursday.
Output levels rose by 3 million barrels per day compared with the same month of last year, the report shows.
Countries that are not members of the Organization of the Petroleum Exporting Countries (OPEC) showed reduced output. Non‐OPEC oil production decreased to 58 million barrels per day in May, a reduction of 200,000 barrels per day from April.
"Wildfires curbed output in northeastern Canada and maintenance got under way both in Canada and the North Sea," the report says, attributing these factors as partly causing the drop in output.
Although supply fell in May compared with April, non-OPEC supply was 1.6 million barrels-per-day higher than in the same month of last year.
Meanwhile, oil supply from OPEC rose by 50,000 barrels per day to reach 31.33 million barrels per day. This output level is more than the 30 million barrels per day agreed to at the organization's June 5 meeting. Saudi Arabia, United Arab Emirates and Iraq's record production levels boosted the organization's supply in May, showing the highest level of output since August 2012. The oil cartel is forecast to keep high levels of production throughout the following months, the report says.
Demand for OPEC crude oil in 2015 is expected to be 29.4 million barrels per day, 100,000 higher than last month's forecast.
Overall, global oil demand for 2015 is forecast to rise by 320,000 barrels per day to 94 million barrels per day. The expected demand level is higher by 1.4 million barrels per day compared with that of last year. Oil demand is to be 94.3 million barrels per day in the third quarter and 95 million barrels per day in the final quarter of 2015, the report forecasts.
