In the recent IEA – International Energy Agency monthly report on oil markets for the month of February 2011, OPEC’s oil output fell by 95,000 b/d to reach 30.05 mb/d. On an average monthly scale, nearly 200,000 b/d was lost due to the Libyan turmoil, but was partly offset by higher production from Gulf States.
The oil supply worldwide increased to 89 mb/d in February (all time high).
The oil demand projections worldwide didn’t change much and remains at 2.9 mb/d in 2010 and 1.4 mb/d in 2011
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