Global oil supply increased in September
The International Energy Agency (IEA) reported that world oil production increased by 270 thousand barrels per day in September compared to the previous month, reaching 101 million 570 thousand barrels.
According to the IEA’s September “Oil Market Report”, crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) increased in September by 240,000 per day compared to the previous month, reaching 28,210,000 barrels.
During this period, OPEC’s unconventional production other than crude oil was recorded at 5 million 580 thousand barrels per day. Thus, OPEC’s total oil production was approximately 33,790,000 barrels per day last month.
The daily oil production of non-OPEC countries increased by 20 thousand barrels per day compared to the previous month and reached approximately 67 million 790 thousand barrels per day.
Thus, world oil production increased in September by 270 thousand barrels per day, reaching 101 million 570 thousand barrels.
The increase in production in Nigeria and Kazakhstan contributed to this increase. In September, daily production increased by 170 thousand barrels in Nigeria and 130 thousand barrels in Kazakhstan compared to the previous month.
According to the report, which highlights that although the Palestinian-Israeli conflict increases risks for Middle East oil, it has no impact on supply, global oil production, excluding unforeseen shocks, will reach an average of 101 million 300 thousand barrels per day. in the last quarter of the year.
OIL DEMAND GROWTH WILL SLOW DOWN IN 2024
According to the IEA, global oil demand, which is expected to continue its strong growth trend in the last quarter of the year, will reach 99 million 900 thousand barrels this year, an increase of approximately 2 million 300 thousand barrels per day compared to the previous year. last year. year.
While 97 percent of this increase comes from non-OECD countries, it is estimated that China alone will meet 77 percent of the demand per country.
Demand growth is expected to slow next year as productivity growth and a deteriorating economic environment negatively affect oil use.
Global oil demand is expected to increase by approximately 900 thousand barrels next year, reaching 102 million 700 thousand barrels. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
