Crude-oil output from the Organization of the Petroleum Exporting Countries averaged 29.9 million barrels a day in April, up 100,000 barrels a day from a month earlier, with higher Iraqi flows offsetting a drop in Nigeria's production, according to the U.S. Energy Information Administration.
Crude-oil output from the Organization of the Petroleum Exporting
Countries averaged 29.9 million barrels a day in April, up 100,000 barrels a
day from a month earlier, with higher Iraqi flows offsetting a drop in
Nigeria
's
production, according to the U.S. Energy Information Administration.
Output from
Saudi Arabia
, the
world's biggest oil exporter, was 9.0 million barrels a day, unchanged from a
month earlier. Saudi output was down 900,000 barrels a day from a year earlier.
The Saudis lifted output last year amid global efforts to stiffen sanctions on
Iran
over
its developing nuclear-weapons program. The
U.S.
and
the European Union led the efforts, charging that
Iran
's
nuclear efforts went beyond
Tehran
's
proclaimed efforts to establish a peaceful, nuclear-power program.
OPEC's April output was 1.4 million barrels a day below the year-earlier level,
with the difference due to the scaling back by the Saudis and a cut of 500,000
barrels a day in
Iran
's
output, to 2.8 million barrels a day, caused by stricter sanctions, including
an EU embargo on Iranian oil imports.
Iran
's
output was unchanged from March, the EIA said.
Global surplus oil-production capacity is up 800,000 barrels a day now compared
with the year-earlier level, due to the drop in Saudi output.
The EIA, in a bimonthly report to Congress on the oil-market situation required
by
Iran
sanctions laws, said global oil demand is averaging 89 million barrels a day in
April, down 600,000 barrels a day from March. On average in March and April,
global oil use averaged 89.3 million barrels a day, up 1.1 million barrels a
day from a year earlier.
In the major industrialized nations that comprise the Organization for Economic
Cooperation and Development, demand averaged 45.3 million barrels a day during
March and April, down 100,000 barrels a day from a year earlier. Demand in the
U.S.
, the
world's biggest oil consumer, was 18.3 million barrels a day, unchanged from a
year earlier. Demand from OECD Europe dropped 300,000 barrels in the latest two
months from the same time in 2012, to 13.3 million barrels a day.
Non-OECD oil-demand growth continued to lead global gains, rising 1.2 million
barrels a day in March and April versus a year earlier, to 44 million barrels a
day.
China
, the
world's second-biggest oil consumer after the
U.S.
,
posted a rise of 400,000 barrels a day in the period versus a year earlier, to
10.6 million barrels a day. The EIA said other non-OECD nations, outside of the
former
Soviet Union
,
Europe
and
China
,
recorded demand growth of 700,000 barrels a day in March and April, compared
with the same period in 2012.
Non-OPEC oil output rose 300,000 barrels a day in March and April from a year
earlier.
North Sea
production fell 600,000 barrels a day in the
period due to production problems, and output from
Mexico
slipped 100,000 barrels a day, offsetting a rise of 700,000 barrels a day in
U.S.
output.
The EIA said the global oil supply-demand picture is "looser" than in
its previous assessment, for January and February.
Global demand outpaced production in March and April, pulling down global
stocks by 1.1 million barrels a day in the period, the EIA said.
"Despite consumption exceeding production, crude-oil prices were lower
during the two-month period, reflecting weaker expectations for global economic
growth," the EIA said.
North Sea Brent crude-oil front-month futures price reached its lowest level
since July 2012, averaging about $99 a barrel for the five-day period ended
April 23, about $15 a barrel lower compared with the five-day average ended
Feb. 26, the EIA noted. The average Brent price for March and April 2013 is
nearly $16 a barrel below the same two-month period last year.
The EIA said the declines in global oil inventories "mark a return to a
typical seasonal inventory change pattern," despite representing a
"sharp contrast to the unusual" increase of 900,000 barrels a day
during March and April 2012.
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