Crude oil futures breached nine-month highs in early February, propelled by stronger economic signals from China and the United States, robust financial market activity and cold weather in the Northern Hemisphere, the IEA said in its February Oil Market Report, released on Tuesday.
The report slightly lowered its estimate of global oil demand, to 90.7 million barrels a day (mb/d) in 2013, following downward revisions to the International Monetary Fund's (IMF) forecast of economic activity, while the global demand estimate for the final quarter of 2012 was trimmed by 210 kb/d to 91.0 mb/d on weaker data for Saudi Arabia and the hurricane-hit United States.
Global oil supplies fell 300 000 barrels a day (300 kb/d) in January, to 90.8 mb/d, according to the report. Non-OPEC supplies fell by 190 kb/d to 54.2 mb/d. OPEC crude oil production was estimated at 30.34 mb/d, down 100 kb/d month-on-month, near 12-month lows after higher output from Saudi Arabia and Kuwait failed to mitigate declines elsewhere.