Global Supply Pushes Higher

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The global supply of hydrocarbon liquids grew 354,000 b/d in December to 98.53 million b/d. All the new barrels essentially came from Opec-plus since growth by the non-Opec-plus group was hamstrung by losses, such as a 130,000 b/d decline in Ecuador. Crude production increased globally by 430,000 b/d on the month to 75.67 million b/d, with both the US and Saudi Arabia posting 100,000 b/d monthly gains. Canada, meanwhile, pulled off an impressive 150,000 b/d increase in crude output, reaching 4.55 million b/d in December.

Oil Supply
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