Global oil supply falls along with non-Opec production
The global supply fell month-by-month to 91.2 million b/d in May, but remains strong year-on-year
Global oil supplies fell by 90,000 b/d month-on-month, to 91.2 million b/d in May, as higher Opec production failed to offset a fall in non-Opec output. Global supply, though, increased 180,000 b/d year-on-year. Opec natural gas-to-liquids output and non-Opec supply helped make up for an 810,000 b/d decline in Opec crude output. Non-Opec supply fell 230,000 b/d in May from the previous month to 53.8m b/d because of maintenance in Canada, which offset production gains elsewhere. The IEA said summer maintenance in the North Sea could cut more production this year than the typical 260,000 b/d that is lost for the period. The IEA expects seasonal maintenance to cut North Sea oil supplies from 3m
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