Record output from non-Opec countries lifted the world’s oil supply to 91.8million barrels per day, new figures have revealed.
The findings, in the latest oil market report from the International Energy Agency, showed a 600,000 barrel per day rise in October from countries outside the OPEC group.
Increased output from the USA, Russia and Ghana boosted the non-Opec countries, but Opec crude supplies fell for the third month running, as Saudi Arabian output was reduced and ongoing problems in Libya affected production.
However, the energy watchdog said it expected demand to increase over the winter months, despite a recent fall in crude prices.
“End-user demand is on the verge of a seasonal ramp-up while refinery throughputs look set for a steep rebound in November and December,” the agency said.
Oil officials from the OPEC countries are to meet early next month to plan the 2014 market outlook, although the agency said it expected targets to remain.
“Several ministers said they expect an unchanged output target of 30Mbod,” the IEA noted.
“The “call on OPEC and stock change” for the current quarter and 2014 is unchanged at 29.6Mbod and 28.6Mbod, respectively.”
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