Global oil supply fell 2 mb/d in February to 91.6 mb/d after a cold snap shut in US production and Saudi Arabia made an extra cut of 1 mb/d, APA-Economics reports citing the monthly report of the International Energy Administration (EIA).
According to the report, OPEC+ agreed to extend most of its cuts through April, with Saudi keeping its extra cut in place. Non-OPEC+ will see output rise by 700 kb/d in 2021 after a 1.3 mb/d drop in 2020. US oil supply is set to decline by 180 kb/d, after a fall of 600 kb/d in 2020.
Source: Azeri-Press News Agency