13 August 2015
World oil supply falls by nearly 600,000 barrels a day
The dip was mainly from non-Opec production, and in July it had fallen to 96.6m b/d
World oil supply fell nearly 600,000 barrels a day (b/d) in July to 96.6m b/d mainly on lower non-Opec production. Despite the monthly fall, total output towered 2.7m b/d above a year earlier, of which Opec crude and natural gas liquids made up nearly 60%. Opec oil supply held steady near a record three-year high in July at 31.79m b/d. Saudi output eased from an all-time high, offsetting another record-smashing month from Iraq and the UAE and slightly higher Iranian production. Total Opec production stood 1.3m b/d above a year ago. The IEA said a stronger demand outlook and slower non-Opec growth have raised the ‘call on Opec crude and stock change’ for 2016 to 30.8m b/d, up 1.4m b/d year-on
Also in this section
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
