* Exports from U.S. briefly outpaced Saudi Arabia in June
* Non-OPEC supply from U.S., Norway and Brazil set to surge
* Vast supply may encourage OPEC+ to revisit production pact
(Adds details, graphics)
By Noah Browning
LONDON, Sept 12 (Reuters) - Global oil demand is weathering
economic headwinds, the International Energy Agency (IEA) said
on Thursday, buoyed by lower prices brought on by abundant
supply as the United States briefly dethroned Saudi Arabia as
the world's top exporter.
"With oil prices currently about 20% lower than a year ago,
there will be support for consumers," the IEA said in its
monthly report.
"Booming shale production has allowed the U.S. to close in
on, and briefly overtake, Saudi Arabia as the world's top oil
exporter ... in June, after crude exports surged above 3 million
barrels per day (bpd)."
The Paris-based agency maintained its estimate for growth in
global oil demand during 2019 at 1.1 million bpd and 1.3 million
bpd for next year, assuming no further breakdown in U.S.-China
trade talks and citing an easing of tensions around Iran.
A rebound in U.S. production following Hurricane Dorian
along with steep output growth from Brazil and the North Sea
were set to drive production from outside the Organization of
the Petroleum Exporting Countries (OPEC) up sharply, it added.
U.S. crude exports spiked to more than 3 million bpd in
June, as Saudi Arabia cut output sharply and Russia grappled
with contamination in one of its main export pipelines.
Non-OPEC production growth is seen rising to 2.3 million bpd
in 2020, up 400,000 from this year. Meanwhile, demand for OPEC
crude is set to reach 28.3 million bpd in the first half of
2020, 1.4 million bpd less than the group produced in August.
The discrepancy may prompt OPEC and its allies including
Russia to revisit their production-curbing pact.
"The implied market balance (will be) returning to a
significant surplus and placing pressure on prices," the IEA
said. "The challenge of market management remains a daunting one
well into 2020."
Russia, Iraq and Nigeria in August produced 600,000 bpd more
than their quotas in the supply pact, the IEA said, but Saudi
Arabia cut by more than it had pledged, keeping the overall
agreement intact.
OPEC member Iran continued to suffer under U.S. sanctions,
with exports nearly halving month-on-month in August to just
200,000 bpd. A year earlier, they were at 2.1 million bpd.
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U.S. exports briefly outstrip Saudi Arabia https://tmsnrt.rs/2AeIYXn
OPEC and non-OPEC oil supply https://tmsnrt.rs/31iVGAy
Demand-supply balance until end-2020 https://tmsnrt.rs/2AdzUSE
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