The IEA raised its estimate of global oil production in 2023 to 102 million barrels per day
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The International Energy Agency (IEA) raised its estimate of global oil production in 2023 by 1.9 million b/d to 102 million b/d. Oil demand is estimated at 101.7 million bpd, stated in the January report IEA.
In 2024, the agency expects global supply to reach 103.5 million bpd due to increased fuel production in the United States, Brazil, Guyana and Canada. At the same time, oil demand growth will slow from 2.3 million b/d in 2023 to 1.2 million b/d this year.
In December 2023, Russian oil exports exceeded the maximum in nine months and amounted to 7.8 million b/d (+500 thousand b/d). At the same time, as stated in the report, estimated revenues from fuel sales fell to $14.4 billion.
The IEA writes that according to forecasts for 2024, the oil market looks quite secure. At the same time, the agency clarifies that escalation in the Middle East will lead to tension in this area.
More details in the text “Kommersant” “Oil took off on rockets”.
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