MOSCOW, February 15. /TASS/. World oil supply posted a sharp decline of 1.4 mln barrels per day in January month-on-month after an Arctic blast shut in production in North America and as OPEC+ deepened output cuts, the IEA (International Energy Agency) said in its February Oil Market Report.

"Extreme weather conditions shut in more than 900 kb/d of production across North America. The steep loss coincided with fresh OPEC+ voluntary output cuts of around 300 kb/d, resulting in a massive 1.4 mb/d m-o-m decline in global oil supply," the report said.

Meanwhile the agency expects global oil supply to rise by 1.7 mln barrels per day in 2024 to record 103.8 mln barrels per day, with non-OPEC+ countries accounting for 95% of global oil supply growth led by the United States, Brazil, Guyana and Canada.

Global observed oil stocks plummeted by about 60 mln barrels in January, preliminary data indicate, with on-land inventories falling to their lowest level since at least 2016, according to the report.