Global oil supplies rose by 600,000 barrels a day in February to 92.81 million barrels a day, led by a 500,000 barrels a day jump in OPEC crude output, according to the International Energy Agency’s Oil Market Report for March released on Friday.
Non-OPEC supplies grew by 1.3 million barrels a day in 2013 and are expected to increase even more this year, by another 1.7 million barrels a day, led by the United States and Canada. That would be the highest rate of growth since at least the early '90s. Russia, China and Brazil will contribute to the rise as well.
February was the first time in five months that OPEC crude supplies passed 30 million barrels a day. Iraq led the rise, with output flowing to 35-year highs.
OPEC supply rose by 500,000 barrels a day to 30.49 million barrels a day.
IEA forecasts global oil demand growth of 1.4 million barrels a day in 2014, to 92.7 million barrels a day. Emerging markets will lead the growth, with non-OPEC Asia expected to produce half the gain.
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Global crude refineries are expected to grow by 1 million barrels a day this quarter, to 76.6 million barrels a day.
The U.S. Department of Energy said Wednesday that it will sell 5 million barrels of crude from the Strategic Petroleum Reserve to test reserve system infrastructure. Deliveries are expected in April.