Global oil supply fell by 1.5 million barrels per day to 99.25 million barrels per day (mbpd) in September, according to data from the International Energy Agency (IEA) on Friday. The steepest month-on-month decline in more than a decade was largely caused by attacks on Saudi Aramco's oil facilities on Sept. 14, which briefly shut in more than half of Saudi Arabia's production.
Saudi Arabia accounted for nearly 1 mbpd of the total decrease, with contributions from seasonal declines in Canada, Norway and from biofuels, according to the IEA's Monthly Oil Market Report. OPEC production fell by 890 thousand bpd to 28.83 mbpd in September, the lowest level since 2009.
As for non-OPEC, oil supply dropped by 400 thousand bpd to 65.09 mbpd, as lower production in Canada, Norway, Russia and Kazakhstan made up most of the September decline. On the demand side, the IEA lowered its global oil demand growth expectation from 1.3 mbpd to 1.22 mbpd for 2020.
The IEA estimates that global oil demand will grow by 1.22 mbpd year-on-year to 101.52 mbpd in 2020.
(Anadolu Agency)
