10292020Thu
Last updateWed, 28 Oct 2020 4pm

End-User News

Global Liquid Fuels Production Outages Increasing

Disruptions to crude oil and condensate production from members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries have risen considerably since last year. These outages have contributed to reduced liquid fuel supply and, along with crude oil production declines agreed to among OPEC and partner countries (OPEC+), have contributed to global liquid fuels inventory draws since June.

So far in 2020, monthly oil supply disruptions have averaged 4.6 million barrels per day (b/d) and reached 5.2 million b/d in June, the highest monthly levels since at least 2011, when the U.S. Energy Information Administration (EIA) began tracking monthly liquids production outages. Global oil supply disruptions averaged 3.1 million b/d in 2019, and rising outages in Iran have been the main drivers of the year-on-year increase. EIA does not include field closures for economic reasons or oil demand declines in its accounting of supply disruptions. 

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