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Oil production continues to decline
GLOBAL oil supply fell by more than 1m b/d in September to 85.6m b/d, following on from a 1m b/d fall in August, according to the IEA. Most of the decline came from outages in the Gulf of Mexico (GOM), caused by hurricanes; production stoppages in Azerbaijan and output declines among Opec producers also contributed to the fall, offsetting higher supply from Russia and the North Sea. The IEA has adjusted down its non-Opec production estimate for Q3 by 100,000 b/d, by 0.5m b/d for Q4 – as operators attempt to restore full production at GOM facilities, following Hurricanes Gustav and Ike -- and by 245,000 b/d for 2009. "New field delays and slower ramp-up to plateau for projects in Latin America, the FSU and Asia, pull back 2009 non-Opec supply to 50.4m b/d," it says. Opec supply fell by 300,000 b/d to 32.3m b/d. But while a ...Click here to continue reading Oil production continues to decline
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