According to the IEA’s oil market report for September, crude oil production of the Organization of Petroleum Exporting Countries (OPEC) decreased by 650 thousand barrels per day in September compared to the previous month, reaching 26 million 720 thousand barrels.
During this period, non-conventional OPEC production other than crude oil was recorded as 5 million 620 thousand barrels per day. Thus, OPEC’s total oil production was 32 million 350 thousand barrels per day last month. This amount was 630 thousand barrels per day below the previous month’s level.
Daily oil production of non-OPEC countries decreased by 50 thousand barrels per day in the said period, reaching 70 million 410 thousand barrels.
Thus, global oil production decreased by approximately 680 thousand barrels per day in September compared to the previous month, falling to 102 million 760 thousand barrels.
According to the report, global oil production fell as a result of the halt in crude oil production due to political disagreements, especially in Libya, field maintenance works in Norway and Canada, and hurricanes in the USA.
According to the IEA, this year global oil supply is expected to increase by 660 thousand barrels per day compared to the previous year and reach 102 million 900 thousand barrels.
During this period, if the current voluntary supply cuts continue, OPEC+ group production is expected to decrease by 820 thousand barrels per day, while non-OPEC+ group production is expected to increase by 1 million 500 thousand barrels per day.
It is estimated that next year global oil supply will increase by 2 million barrels per day compared to this year, reaching approximately 105 million barrels.
According to the report, global oil demand is expected to increase by 862 thousand barrels per day this year to 102 million 840 thousand barrels. In its report last month, the IEA predicted an increase of 900 thousand barrels per day in global oil demand.
It is estimated that the demand will be 45 million 629 thousand barrels this year in OECD countries and 57 million 211 thousand barrels in non-OECD countries.
It is estimated that global oil demand will reach 103 million 838 thousand barrels next year, an increase of 998 thousand barrels per day compared to this year.
