* IEA sees signs other producers will fill Iran supply gap
* OPEC producing 440,000 bpd below level it promised-IEA
* Global demand growth to be slower than expected-IEA
(Adds details)
By Noah Browning
LONDON, May 15 (Reuters) - The world will require very
little extra oil from OPEC this year as booming U.S. output will
offset falling exports from Iran and Venezuela, the
International Energy Agency said on Wednesday.
The IEA, which coordinates the energy policies of industrial
nations, said Washington's decision to end sanctions waivers
that had allowed some importers to continue to buying Iranian
crude added to the "confusing supply outlook."
"However, there have been clear and, in the IEA's view, very
welcome signals from other producers that they will step in to
replace Iran's barrels, albeit gradually in response to requests
from customers," the Paris-based IEA said in its monthly report.
"There is certainly scope for other producers to step up
production," it said, adding that it estimated OPEC states in
April had produced about 440,000 barrels per day (bpd) less than
the amount agreed in a production pact, with Saudi Arabia
producing 500,000 bpd below its allocation.
The IEA said there was a "modest offset to supply worries
from the demand side", as it expected growth in global oil
demand to be 1.3 million bpd in 2019, or 90,000 bpd less than
previously forecast. It said 2018 demand growth had been
estimated at 1.2 million bpd.
It said global oil demand would average 100.4 million bpd in
2019, exceeding 100 million bpd for the first time.
It also said higher output from producers outside the
Organization of the Petroleum Exporting Countries, especially
the United States in the second quarter, would keep the market
well supplied.
U.S. production of oil and condensates was forecast to rise
by 1.7 million bpd in 2019. Crude oil would account for about
1.2 million bpd of that rise, the IEA said, although it added
that said this would be lower than U.S. crude oil output growth
of 1.6 million bpd in 2018.
The IEA said reduced rig counts and maintenance in the Gulf
of Mexico had affected U.S. output in the first half of the
year, but an uptick in drilling permits and hydraulic
fracturing, or fracking, early in the year would lift output.
Global oil supply in April fell 300,000 bpd, the IEA said,
with Canada, Kazakhstan, Azerbaijan and Iran leading the losses.
But OPEC crude output rose by 60,000 bpd to 30.21 million bpd,
on higher flows from Libya, Nigeria and Iraq, it added.
The IEA said the call on OPEC would be 30.9 million bpd in
the second quarter of 2019 and would fall to 30.2 million bpd in
the second half of the year.
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Demand/Supply Balance until 2Q19 https://tmsnrt.rs/2W2lmlj
Non-OPEC Oil Supply https://tmsnrt.rs/2LIcjC6
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(Editing by Edmund Blair)