Oil news and market movers: Statistics add up
- The International Energy Agency (IEA) released its monthly report, which showed that the recent outage from Libya triggered a 70,000 barrels per day decline in OPEC’s daily output. Supply from Libya declined by 180,000 barrels per day to 980,000, Bloomberg reported.
- The IEA also reported that supply from the Gulf producers was largely steady, with Saudi output unchanged at 9.01 million barrels per day, Iraq at 4.38 million b/d, UAE at 3.3 million b/d and Kuwait at 2.52 million b/d, Reuters reports.
- In the US, tropical storm Francine has hit the coast of Louisiana, reaching a Category 2 strength. Oil and gas companies had previously evacuated offshore platforms in the Gulf of Mexico, Reuters reported.
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