The Wall Street Journal: Oil supply rises, as U.S. production keeps up pace despite hurricanes: IEA

LONDON—The world’s oil supply expanded in September on the back of steady U.S. production growth, even as the global market continued to show signs of rebalancing, the International Energy Agency said Thursday.

In its closely watched monthly report, the IEA said global oil supply had risen by 90,000 barrels a day last month from August, to 97.5 million barrels a day. That level was 620,000 barrels a day higher than during the same period a year prior.

“Well completions at U.S. shale oil fields have picked up from the low levels seen at the start of the year, so that even though new rig additions have stalled, output continues it upward trend.”

The International Energy Agency

Supply growth in September was mainly driven by production in the U.S., despite disruptions caused by the hurricane season, as well as output in the North Sea and Kazakhstan, the report said.

However, the IEA said production from the Organization of the Petroleum Exporting Countries rose only slightly in September, by 10,000 barrels a day, to 32.65 million barrels a day, in a sign that the cartel’s efforts to rein in output are largely on track. That level was 400,000 barrels a day lower than last year, a period of elevated OPEC output.

An expanded version of this report appears on WSJ.com.

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