World can cope now with Alaska, Nigeria oil loss: IEA

LONDON (Reuters) – The world can cope for now with the loss of about 1 million barrels per day (bpd) of oil from Alaska and Nigeria, but the pressure is on exporter group OPEC to fill the gap, the International Energy Agency said on Friday.

It bumped up the estimate of demand for oil from the Organization of the Petroleum Exporting Countries by 600,000 bpd in the third quarter and 200,000 bpd in the fourth in its monthly Oil Market Report.

But OPEC, which pumps a third of the world’s oil, is already meeting the extra requirement, the Paris-based agency said. It pegged July OPEC output at 29.8 million bpd, well above the revised third quarter call of 29.1 million.

“In the overall balance, there has been no deterioration in oil market fundamentals,” said Lawrence Eagles, head of the Oil Industry and Markets division at the IEA. “There’s quite a lot of crude around, so there’s not much of a worry.”

Reuters