BAKU, Azerbaijan, October 13. Global oil supply growth is expected to slow significantly to 760,000 barrels per day in 2023, Trend reports via the latest oil market update from the International Energy Agency (IEA).
At the same time, global oil supply is still forecast to reach a record of 100.6 million barrels per day (99.9 million barrels per day in 2022). The growth will be again led by the non-OPEC+ suppliers (1.8 million barrels per day) with the US an all-time high and contributing the largest share (60 percent).
According to the IEA, oil production in OPEC+ countries is expected to decline by more than 1 million barrels per day due to a combination of recent reduction targets and annual production in Russia, as the EU embargo will enter into full force next February
Meanwhile, global oil production in 2022 is expected to grow by 4.6 million barrels per day, the IEA said.
“OPEC+ is projected to contribute 3 million barrels per day, with Saudi Arabia set to post the largest year-on-year increase. Non-OPEC+ supplies are expected to rise by 1.5 million barrels per day in 2022, with the US providing 70 percent of the increase at 1.1 million barrels per day. Canada, China and Guyana also deliver solid gains, albeit these volumes are much more modest,” the report noted.