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Output increases in China, Brazil and Canada were the principal factors in January’s growth of world oil supply to 86.64 million bpd. OPEC output, now including Ecuador’s data, increased by 70,000 bpd as a result of increased production in Angola, which offset decreases in both Iraq and Nigeria. Shell declared a force majeure on Forcados exports in Nigeria in January after pipeline sabotage, subsequently leading to the shut-in of 150,000 bpd of Forcados production, and a series of power outages in Iraq restricted refinery operations, production and pipeline exports. According to the IEA, economic refinery run cuts in January and February were the most extensive in five years. Coupled with seasonal maintenance, February global refinery crude throughput should average 74.0 million bpd, down by 600,000 bpd from January. As of printing, NYMEX futures prices have continued to hover near $90/bbl.
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