Unplanned oil supply outages

[dan_s]

The EIA (U.S. Energy Information Administration) estimated that global crude oil supply outages rose by 92,000 bpd (barrels per day) to 2.3 MMbpd (million barrels per day) in January 2017—compared to the previous month. Global crude oil supply outages rose 4.5% month-over-month and 2.2% year-over-year.

> Non-OPEC oil producers’ supply outages rose by 103,000 bpd to 0.43 MMbpd in January 2017—compared to the previous month. Yemen and Sudan had major production outages among non-OPEC producers in January 2017.

>OPEC producers’ supply outages fell by 12,000 bpd to 1.9 MMbpd in January 2017—compared to the previous month. Libya, Nigeria, Kuwait, Iraq, and Saudi Arabia had production outages among OPEC members in January 2017.

> The EIA estimated that Nigeria’s crude oil production rose by ~30,000 bpd to 1.5 MMbpd in January 2017—compared to the previous month. Nigeria’s crude oil production fell to 1.4 MMbpd in May 2016—the lowest level in the past 22 years. Rebel attacks on oil pipelines and infrastructure impacted Nigeria’s crude oil production.

> The EIA estimated that Venezuela’s crude oil production fell by 50,000 bpd to 2 MMbpd in January 2017—compared to the previous month. Production fell due to oil equipment shortages and the economic crisis in the country.