Global Oil Supply Outstripping Demand
IEA: Global Oil Supply Outstripping Demand on Record U.S., Russia, Saudi Arabia Production.
The United States, Russia and Saudi Arabia -- the world's three biggest oil producers -- are churning out crude at record levels, causing global supply to significantly outstrip demand, the International Energy Agency said Wednesday.
In its closely watched monthly oil market report, the IEA said oil output from the top producers is holding global supply steady, at around 100.7 million barrels a day last month. That's 2.6 million barrels a day higher year-on-year.
Since May, global oil output has climbed by 1.8 million barrels a day, with the U.S. providing 1 million barrels a day of growth and Saudi Arabia and Russia adding 620,000 barrels a day and 445,000 barrels a day, respectively, the agency said.
In October, Saudi Arabia's Oil supply rose month-on-month to 10.65 million barrels a day, while Russian crude and condensate production soared to 11.4 million barrels a day, according to the report. The agency said that preliminary data for the U.S. showed output rose sharply last month, potentially rising to 11.6 million barrels a day in early November --solidifying its spot ahead of Russia as the world's largest producer crude.
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