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World Oil Supply April 2012

Source: OPEC 4/28/2012, Location: Europe

Preliminary figures indicate that global oil supply increased 0.24 mb/d in March to average 89.51 mb/d. Non-OPEC supply experienced an increase of 0.10 mb/d in March compared to the previous month. The share of OPEC crude oil production encountered a minor increase to 35% in March. The estimate is based on preliminary data for non-OPEC supply, estimates for OPEC NGLs and OPEC crude production based on secondary sources.

Total OPEC crude oil production averaged 31.31 mb/d in March, according to secondary sources, an increase of 136 tb/d from last month. The crude oil output increased from Iraq, Libya, Nigeria, and Saudi Arabia, while crude production from Angola and Iran decline in March from the previous month.

OPEC NGLs and non-conventional oils are estimated to have averaged 5.29 mb/d in 2011, representing growth of 0.39 mb/d over the previous year. In 2012, OPEC NGLs are forecast to increase by a further 0.36 mb/d to average 5.65 mb/d.

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