Oil Security Index Update: Spare Capacity in Focus
Today, SAFE is releasing the most recent update to its Oil Security Index, the only quantitative tool designed to enable policymakers and the general public to measure and compare the relative oil security of different countries around the world.Key findings from the latest Oil Security Index include:
- Iraq’s oil supply increased to its highest level since 1979 in Q1.
- Growth in non-OPEC oil supply was substantial and driven primarily by the United States.
- Unplanned oil supply outages were substantial, accounting for 3 mbd offline in Q1 due largely to disruptions from Iran, Iraq, Libya, and Nigeria.
- Growth in Russia’s oil production remained steady year-over-year in Q1.
- U.S. oil demand grew, but at a slower rate than in H2 2013.
- South Africa’s oil demand declined substantially in Q1, year-over-year.