World oil production rises by 0.07%, or around 80,000 barrels per day (bpd), to nearly 103.53 million bpd in August, according to the International Energy Agency’s (IEA) latest report on Thursday.
According to the Oil Market Report, crude oil production by the Organization of Petroleum Exporting Countries (OPEC) decreased to 27.37 million bpd in August, a fall of 70,000 bpd compared to the previous month.
The group’s total oil supply, including condensates, natural gas liquids and oil from non-conventional sources, reached approximately 32.98 million bpd over the same period marking a 70,000 bpd decline from previous month.
However, daily oil production in non-OPEC countries rose by 150,000 bpd in August to 70.55 million bpd.
Global oil supply rose amid outages caused by a political dispute in Libya combined with maintenance in Norway and Kazakhstan offset by higher flows from Guyana, Brazil and elsewhere, 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+ production is expected to expand by 1.5 million bpd, while OPEC+ output is on course to decline by 810,000 bpd,’ the report said.
Global growth for next year is forecast to reach around 2.1 million bpd, pushing supply up to a new annual high of 105 million bpd.
– Global demand growth
According to the report, global oil demand is set to rise by 900,000 bpd this year to around 103 million bpd. In IEA’s previous report, the agency had estimated an increase of 970,000 barrels per day for global oil demand.
Demand in OECD countries is expected to reach 45.60 million bpd, while non-OECD demand is anticipated to become 57.40 million bpd.
In 2025, global oil demand is projected to reach 103.90 million bpd, with a yearly growth of 900,000 bpd.
