Global oil production drops by 0.7% in September, IEA reports

World oil production decreased by 0.7%, or around 680,000 barrels per day (bpd), to nearly 102.76 million bpd in September, according to the International Energy Agency’s (IEA) latest report on Tuesday.

According to the Oil Market Report, crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) fell to 26.72 million bpd in September, a drop of 650,000 bpd compared to the previous month.

Over the same period, OPEC’s natural gas liquids production was recorded as 5.62 million bpd. The group’s total oil supply, including condensates, natural gas liquids and oil from non-conventional sources, reached approximately 32.35 million bpd over the same period marking a 630,000 bpd decline from previous month.

Meanwhile, daily oil production in non-OPEC countries fell by 50,000 bpd in September to 70.41 million bpd.

Global oil supply declined mainly due to Libya’s crude production shut-ins in the wake of domestic political dispute, field maintenance work in Norway and Canada and hurricane activity along the US Gulf Coast, the report said.

– Global supply forecast

The IEA forecasts global oil output growth to average 660,000 barrels per day in 2024, reaching a record high of 102.90 million bpd.

‘Non-OPEC+ output, led by the Americas, is expected to expand by 1.5 million bpd while the OPEC+ alliance will see production contract by 820,000 bpd,’ the report said.

Global growth for next year is forecast to reach around 2 million bpd to 105 million bpd.

– Global demand growth

According to the report, global oil demand is set to rise by 862,000 bpd this year to around 102.84 million bpd. In IEA’s previous report, the agency had estimated an increase of 900,000 barrels per day for global oil demand.

Demand in OECD countries is expected to reach 45.63 million bpd, while non-OECD demand is anticipated to become 57.21 million bpd.

In 2025, global oil demand is projected to reach 103.84 million bpd, with a yearly growth of 998,000 bpd.

• global oil
• International Energy Agency
• OECD
• OPEC