The IEA reported an increase in global oil production in October to record levels
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The International Energy Agency (IEA) reported an increase in global oil production to 102 million barrels per day (b/d). The IEA attributed the growth in the indicator to the fact that the United States and Brazil exceeded the agency’s forecasts.
“Production growth in the US and Brazil exceeded forecasts, which contributed to an increase in global oil supplies in 2023 by 1.7 million b/d, to a record 101.8 million b/d, which is 140 thousand b/d higher than the year earlier,” says the November report IEA on the oil market.
The agency predicts that non-OPEC producers will ensure an increase in oil production by 1.6 million bpd in 2024. In this case, the volume of global supplies will increase to 103.4 million bpd.
Global observed inventories rose by 9.9 million barrels in September, the report said, but remain close to historical lows. The conflict between Israel and Hamas did not have a significant impact on oil supply flows, the IEA added.
The agency noted a decrease in Russian oil exports in October by 70 thousand b/d, to 7.5 million b/d. As a result, estimated revenue fell by $25 million to $18.34 billion.
The IEA’s 2030 Outlook, which it published on October 24, forecasts demand for all fuels to decline through the end of the decade. The assumption was explained by lower growth rates and the energy crisis of 2022.
More details in the text “Kommersant” “Green light at the end of the pipe”.
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