Global oil supply is about 96 million barrels a day. IEA collates production and demand data from around the world.
The World produced about 1.9 Million barrels per day more than there was demand. 770,000 barrels went into onshore storage while about 300,000 barrels was in transport or pipelines. That left roughly 800,000 barrels unaccounted for in the data computation. The international energy agencies calls this the mystery of missing oil.
An explanation offered was that it could be overstated supply or understated demand or stockpile changes in the countries outside OECD or flawed accounting. It is possible that some of the missing barrels have found their way to a NON OECD country like China.
In 2015, there were 800,000 barrels a day unaccounted for in the first part of the year but in the last quarter it touched a record 1.1 million per day and has grown to 1.9 million barrels in 2016.
– Dr.Vis
President,
Viswa Lab.
