IEA: world oil production grows for the third month
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According to the International Energy Agency (IEA), in August, global oil supplies reached 101.3 million barrels daily (b / d). Thus, production figures are growing for the third month in a row, however, according to the forecasts of the agency, the rate of production growth at the end of 2022 will slow down.
“A strong recovery in Libya and lesser growth in Saudi Arabia and the UAE offset losses in Nigeria, Kazakhstan and Russia. Growth is forecast to slow down from August to December, rising by just 280,000 b/d to 101.6 million b/d,” reads the report IEA.
In August IEA increased forecast for global oil demand in 2022 at 380,000 b/d to pre-pandemic levels. According to Eurostat, the increase in European imports from Russia amounted to 78.9%, which did The Russian Federation is the third supplier of the resource for the EU in terms of export volumes.
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