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Global oil production in 2023 will reach a record figure of 101.3 mln barrels per day (bpd) and in 2024 will grow to 102.3 mln bpd, according to the report of the International Energy Agency (IEA).
The United States will continue to dominate non-OPEC+ countries in terms of production growth. According to the IEA, the adjustment of quotas for individual OPEC+ member nations will have no meaningful impact on global oil supply this year. However, the IEA forecasts a global oil deficit next year, particularly in its second half. At the same time, non-OPEC+ nations will boost global oil supply by 1.9 mln bpd in 2023 and 1.2 mln bpd in 2024, while OPEC+ countries will decrease supply by 200,000 in 2024 amid voluntary production cuts.
The IEA noted that global supply of oil in May 2023 declined by 660,000 bpd due to the start of voluntary cuts in oil production by some OPEC+ members. While oil demand continues to rise both seasonally and structurally for the rest of the year, supply is expected to rise only temporarily, the statement said. Global oil production fell by 660,000 barrels per day in May to 100.6 mln bpd.
