Global oil output grew 5.5%, or by 4.9 million barrels a day, from 2011 to 2014, according to the IEA, a Paris-based energy watchdog. Most of that growth came from U.S. shale-oil fields. In much of the rest of the world, output was flat or declined, despite average prices of nearly $100 a barrel. Supply statistics include crude oil, natural-gas liquids and biofuels such as ethanol. With global oil prices now hovering below $60, the outlook for launching large-scale projects and exploring for new oil fields is bleak, especially outside the U.S. and the Middle East. Companies around the world have cut $130 billion on oil exploration and drilling for 2015 alone, according to consulting firm Wood Mackenzie.
Oil prices rose more than 2% on Wednesday after industry data showed US inventories fell more than expected and as major US producers evacuated rigs in the Gulf of Mexico before a storm.
Data from the API on Tuesday showed US crude inventories fell by 8.1 million barrels in the week to July 5 to 461.4 million, compared with analysts expectations for a decrease of 3.1 million barrels.
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