Opec leads global oil production lower
Troubles in Nigeria, Libya and Iraq contributed to the supply decline
Global oil supply fell by 120,000 b/d in March on lower production from Opec. Output from the organisation fell in March because of disruptions in Nigeria, Libya and Iraq and weaker demand from refineries during seasonal maintenance. Opec’s crude oil output was down 140,000 b/d to 30.44 million b/d, the IEA said. The agency said 6.8m b/d of refining capacity was offline because of spring maintenance, around 5.6m b/d of which was in Europe, Asia, the Former Soviet Union and in the Middle East. Non-Opec oil supply is expected to average 54m b/d in the first quarter of 2013. This is up 650,000 b/d year-on-year but down 240,000 b/d from the fourth quarter of 2012. Maintenance at Canada’s oil-san
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