Non-Opec oil output surges along with global production
Oil production reached 91.8 million b/d, according to figures by the International Energy Agency
Global oil production increased by 600,000 barrels a day (b/d) in October, reaching 91.8 million b/d, the International Energy Agency (IEA) said, because of record-high non-Opec output.
Total oil production in October was 640,000 b/d higher year-on-year, because of a 1.84m b/d surge in non-Opec liquids production and increased supplies of natural gas liquids (NGL) output from Opec.
In October, non-Opec oil production increased by 740,000 b/d month-on-month, reaching 55.53m b/d, the IEA said. This is 1.77m b/d higher than year-earlier levels. The IEA expects total non-Opec oil-supply to increase by 1.3m b/d in 2013 and 1.8m b/d in 2014. The output increases were driven by strong production gains in the North Sea, North America, Russia and Ghana.
However, Opec oil production fell in October for the third consecutive month, driven by steep cuts in Saudi Arabia’s output. Opec supplies fell by 105,000 b/d in October, to 29.89m b/d. Saudi Arabia’s output fell by 370,000 b/d in October, to 9.75m b/d. Lower output from Kuwait, Nigeria, Angola and Algeria also cut supplies, the IEA said, and “more than offset” production rises from Libya, Iraq and Iran.
Opec’s oil production has fallen below its 30m b/d output ceiling for the second consecutive month. Opec ministers are due to meet on 4 December in Vienna to discuss the outlook. It is expected that the group’s supply forecast will remain constrained by the continued rise in non-Opec production.
The call on Opec crude and stock change for the fourth quarter of 2013 and the first quarter of 2014 is unchanged at 29.6 million b/d and 28.6m b/d, respectively. The IEA cut its estimates for Opec NGL output by 200,000 b/d for the first quarter of 2014 because of continued supply constraints in Libya, Algeria and Angola.