Global oil production increased in 2014, mostly due to North America, while consumption could not keep up with output volumes, said U.S.' Energy Information Administration, EIA, on Tuesday.
'Estimated global liquid fuel production grew by 1.8 million barrels per day to total 92 million barrels per day in 2014,' said the U.S. agency.
This reflects production increases outside the Organization of the Petroleum Exporting Countries, OPEC, mostly from North America, the agency added.
EIA estimates that liquid fuel production in the world exceeded consumption in all of the four quarters of 2014, while this was only the case for two consecutive quarters at most during the previous five years.
Oversupply and low global demand for oil are regarded as the main reasons behind the steep decline of oil prices, which fell more than 50 percent in the last six months to reach their lowest levels since 2009.
In addition, the agency said it estimates the unplanned supply disruptions averaged 3.1 million barrels per day in 2014, which is 0.4 million barrels higher than 2013.
OPEC members had the largest share in unplanned disruptions with 2.5 million barrels per day in 2014, the EIA noted.
The most recent output disruption took place in Libya, when the Es Sider terminal was hit by a rocket on Dec. 25, while it was shut down along with Ras Lanuf terminal the week before Dec. 25 due to internal strife in the country.
The two oil terminals in eastern Libya export about 350,000 barrels per day, which account for more than half of Libya’s oil exports totaling 735,000 barrels per day in 2013.
- U.S. production
The agency stressed that domestic crude oil production in the U.S. rose by 1.2 million barrels per day in 2014 to reach 8.6 million barrels per day, 16 percent higher from the previous year and its highest level since 1986.
The EIA stated on Nov. 18 that domestic crude and lease condensate production in the U.S. are expected to increase to around 9.3 million barrels by the end of 2015, up 0.7 million barrels per day from 2014, surpassing the previous production highs of the 1970s.
By Ovunc Kutlu
Anadolu Agency
ovunc.kutlu@aa.com.tr