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According to International Energy Agency Global oil supply remains at record as per their latest oil market report.
- In spite of recent slowdown in number of operating rigs in US and mild drop in shale oil production, global supply of oil grew at 3.2 million barrels/day in April. Overall supply drop slightly from 95.19 million barrels/day in fourth quarter to 95.07 million barrels/day in first quarter of 2015. However overall supply has bounced back in March and April to 95.7 million barrel/day.
Lower oil price is pushing demand higher, however that may not be sufficient enough.
- Global oil demand is expected to rise 1.1 million barrels/day in 2015. That brings net demand of oil to 93.6 million barrels/day leaving a gap of nearly 2 million barrels of oil/day.
- Moreover according to IEA, industry crude oil stocks remain high at 38.4 million barrels.
Crude oil remains vulnerable additional increase in supply and with Russia and gulf countries producing at record speed this seems to be the most likely case.
WTI crude has gone up along with Brent yesterday driven by weaker dollar. WTI is currently trading at $61.2/barrel and Brent at $67.3/barrel. For now crude is looking beyond supply glut taking cues from dollar, soon supply might once again comeback in limelight.
