https://en.sputniknews.africa/20230713/iea-upgrades-2023-global-oil-output-growth-forecast-to-1015mln-bpd-1060507970.html
IEA Upgrades 2023 Global Oil Output Growth Forecast to 101.5Mln BPD
IEA Upgrades 2023 Global Oil Output Growth Forecast to 101.5Mln BPD
Sputnik Africa
MOSCOW (Sputnik) - The International Energy Agency (IEA) has raised its forecast for global oil production growth in 2023, expecting an increase of 1.6 million... 13.07.2023, Sputnik Africa
2023-07-13T14:39+0200
2023-07-13T14:39+0200
2023-08-03T10:50+0200
oil
export
organization of petroleum exporting countries (opec)
russia
international energy agency (iea)
opec+
economy
international
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"For 2023, global production is forecast to increase by 1.6 mb/d to 101.5 mb/d, as non-OPEC+ expands by 1.9 mb/d. In 2024, global supply is set to rise by 1.2 mb/d to a new record of 102.8 mb/d, with non-OPEC+ accounting for all of the increase," the report read.Last month, the International Energy Agency (IEA) predicted that global oil production would increase to 101.3 million barrels per day by 2023, while global oil demand would increase to 102.3 million barrels per day.Meanwhile, the IEA has lowered its forecast for global oil demand to 102.1 million barrels per day in 2023.The agency's report also suggested that Russia's oil exports dropped by 600,000 barrels per day in June to 7.3 million barrels per day.Oil production in Russia remained steady in June - 9.45 million barrels per day - "as a decline in exports was offset by higher domestic refinery runs," the report added.In addition, OPEC+ countries, which have obligations under the agreement to limit oil production, increased output by 70,000 barrels per day in June to 37.03 million barrels per day, with the gap from quotas at nearly 2.55 million barrels per day, according to the Paris-based organization.In May, production of OPEC+ countries amounted to 36.86 million barrels per day.The report also showed that total oil and petroleum product reserves in the Organization for Economic Cooperation and Development (OECD) countries, which include commercial and state reserves, increased by 5.4 million barrels in May.However, the IEA pointed out that these figures are below the five-year average.
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oil, export, organization of petroleum exporting countries (opec), russia, international energy agency (iea), opec+, economy, international
oil, export, organization of petroleum exporting countries (opec), russia, international energy agency (iea), opec+, economy, international
IEA Upgrades 2023 Global Oil Output Growth Forecast to 101.5Mln BPD
14:39 13.07.2023 (Updated: 10:50 03.08.2023) MOSCOW (Sputnik) - The International Energy Agency (IEA) has raised its forecast for global oil production growth in 2023, expecting an increase of 1.6 million barrels per day to 101.5 million barrels per day, according to its new report released on Thursday.
"For 2023, global production is forecast to increase by 1.6 mb/d to 101.5 mb/d, as non-OPEC+ expands by 1.9 mb/d. In 2024, global supply is set to rise by 1.2 mb/d to a new record of 102.8 mb/d, with non-OPEC+ accounting for all of the increase," the report read.
Last month, the International Energy Agency (IEA) predicted that global oil production
would increase to 101.3 million barrels per day by 2023, while global oil demand would increase to 102.3 million barrels per day.
Meanwhile, the IEA has lowered its forecast for global
oil demand to 102.1 million barrels per day in 2023.
"Global oil demand is projected to climb by 2.2 mb/d in 2023 to reach 102.1 mb/d, a new record," the report read, adding that this is 170,000 barrels per day less than expected in the June report.
The agency's report also suggested that Russia's oil exports dropped by 600,000 barrels per day in June to 7.3 million barrels per day.
"Russian oil exports fell by nearly 600 kb/d in June to 7.3 mb/d while fuller data lifted May export estimates by 100 kb/d from the last Report," the report read.
Oil production in Russia
remained steady in June - 9.45 million barrels per day - "as a decline in exports was offset by higher domestic refinery runs," the report added.
In addition,
OPEC+ countries, which have obligations under the agreement to limit oil production, increased output by 70,000 barrels per day in June to 37.03 million barrels per day, with the gap from quotas at nearly 2.55 million barrels per day, according to the Paris-based organization.
"Supply from OPEC countries in June was unchanged from the previous month at 28.7 mb/d, while volumes from non-OPEC nations in the OPEC+ group crept up 30 kb/d to 14.92 mb/d. Overall production from the 19 members subject to quotas edged up 70 kb/d higher to 37.03 mb/d," the IEA report read.
In May, production of OPEC+ countries amounted to 36.86 million barrels per day.
The report also showed that total oil and
petroleum product reserves in the Organization for Economic Cooperation and Development (OECD) countries, which include commercial and state reserves, increased by 5.4 million barrels in May.
However, the IEA pointed out that these figures are below the five-year average.
"In May, OECD industry stocks rose by 5.4 mb to 2 824 mb, 92.2 mb below the five-year average. In terms of forward demand, end-month inventories covered 60.4 days, 0.7 days less than the previous month but 2.9 days more than a year ago," the report said.
