UPDATE: Global oil supply fell for first time in 4 months due to Hurricane Harvey, says IEA
By Christopher Alessi
The IEA lifts its 2017 demand growth forecast to 1.6 million barrels a day
LONDON--Global oil supply fell in August for the first time in four months, a result of Hurricane Harvey, declining OPEC output and summer production maintenance, the International Energy Agency said Wednesday.
In its closely watched monthly report, the IEA said oil supply had come down by 720,000 barrels a day last month from July, to 97.7 million barrels a day. However, that was still 1.2 million barrels a day more than during the same period a year prior.
Hurricane Harvey, which made landfall in the U.S. Gulf Coast late last month before being downgraded to a tropical storm, disrupted around 200,000 barrels a day (http://www.marketwatch.com/story/more-refineries-come-off-line-in-harveys-wake-2017-08-30) of crude oil production in August, the report said. The agency expects that figure to rise to 300,000 barrels a day in September.
Read:Hurricane Irma and Harvey likely to keep prices at the gas pump expensive (http://www.marketwatch.com/story/hurricane-irma-and-harvey-likely-to-keep-prices-at-the-gas-pump-expensive-2017-09-11)
Supply from the Organization of the Petroleum Exporting Countries fell from a 2017 high in July, by 210,000 barrels a day, to 32.67 million barrels a day, held back by renewed civil unrest in Libya (http://www.marketwatch.com/story/libyas-biggest-oil-field-restarts-after-protest-2017-08-07) and higher compliance with the cartel's deal to cut global output. That estimate came out ahead of OPEC's own forecast, released in the cartel's monthly oil market report Tuesday.
An expanded version of this report appears on WSJ.com (https://www.wsj.com/articles/global-oil-supply-edged-lower-in-august-1505289602?mod=mktw).
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-Christopher Alessi; 415-439-6400; AskNewswires@dowjones.com
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09-13-17 0445ETCopyright (c) 2017 Dow Jones & Company, Inc.