The world’s oil production continued to fall in February, largely on the back of OPEC-led supply cuts and outages in Venezuela, the International Energy Agency (IEA) said in its latest report.
Global oil output declined by 340,000 barrels a day in February 2019, month-on-month, to stand at 99.7 million barrels a day. However, the figure was still up by 1.5 million barrels a day compared with the same month a year prior, the agency said.
Last month’s declines were led by reduced crude oil output in the Organization of the Petroleum Exporting Countries–both voluntary and involuntary–of 240,000 barrels a day. That brought the cartel’s February production down to 30.68 million barrels day, its lowest level in four years.
Production in Saudi Arabia came down by 100,000 barrels a day last month, to 10.14 million barrels a day, the IEA said. The report said total Saudi crude output has fallen by 920,000 barrels a day from record highs in November.
OPEC and a group of 10 producers outside the cartel, led by Russia, agreed late last year to collectively reduce oil output by 1.2 million barrels a day from October 2018 levels, for the first half of this year.
Meanwhile, the IEA said global oil demand had slowed sharply in the fourth quarter of last year, as a result of weaker appetite in the Organization for Economic Cooperation and Development (OECD), a group of industrialized, oil-consuming nations that includes the U.S.
But as a result of strong demand growth outside the OECD, the agency kept its overall estimate for oil-demand growth for 2018 unchanged at 1.3 million barrels a day, and maintained its demand growth forecast for 2019 at 1.4 million barrels a day.