Global oil supply edged up by 500,000 barrels per day in 2013

GMT 19:55 2014 Thursday ,23 October

Arab Today, arab today Global oil supply edged up by 500,000 barrels per day in 2013

Global oil
Kuwait - KUNA

Total global oil supplies involving crude and natural gas liquids (NGLs) remarkably shot up by 500,000 barrels per day (bpd) to 90.1 million bpd in 2013, 0.6 percent over the figure reported in 2012, according to a recent OAPEC report.
The oil supply rate of the Organization of Arab Petroleum Exporting Countries (OAPEC) member states hit around 36 million bpd in 2013, the report showed.
This indicated a dip of 700,000 bpd or 1.9 percent compared to 2012 as the OAPEC members' quota of total international oil supplies dwindled away from 41 percent in 2012 to roughly 40 percent in 2013, it said.
On non-OAPEC member states' oil supplies, the report indicated that they recorded 54.1 million bpd in 2013, an estimated hike of 1.2 million bpd or 2.3 percent compared to 2012.
The US, which produced over 1.1 million bpd in 2013, had the lion's share of the supply rise, the report, compiled by the OAPEC, indicated.
Canada came second with around 200,000 bpd and was chased by post-Soviet states with roughly 140,000 bpd, it said, adding that the OPAEC members, thus, managed to boost their supply levels to more than 22 million bpd.
On global demand for oil, the report noted that it hiked by one million bpd in 2013, narrowly exceeding 2012 rates due to world economic slowdown.
The economic growth rates of industrialized states which possess around 51 percent of global oil consumption edged down from 1.5 percent in 2012 to 1.2 percent in 2013, the report showed.
The US economic growth rate fell from 2.8 percent in 2012 to 1.6 percent in 2013 while Japan could maintain two-percent growth rate of 2012, the OAPEC concluded.

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