Global oil supply dropped in March as U.S. sanctions and power outages pushed Ve...
LONDON - Global oil supply dropped in March as U.S. sanctions and power outages pushed Venezuela’s crude output to a long-term low of 870,000 barrels per day , the International Energy Agency said on Thursday, even lower than OPEC reported the day before.
The IEA, which coordinates the energy policies of industrialized nations, said the output decline of 270,000 bpd was Venezuela’s second largest month-on-month drop and put the country’s production at 600,000 bpd less than a year earlier. The IEA said the voluntary curbs of that deal and reduced output by Venezuela had caused OPEC production to fall 550,000 bpd in March.“Tightness in the oil market ... is not just a supply story. In recent months, the resilience of demand has received less attention,” the IEA said.
Global refining throughput fell by 2.5 million bpd in March on unplanned outages, especially in the United States.
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