BAKU, Azerbaijan, August 11. World oil production is forecast to grow by 4.8 million barrels per day to 100 million barrels per day in 2022, Trend reports with the reference to the latest oil market update from the International Energy Agency (IEA).
“Supplies from OPEC+ are expected to rise by 400,000 barrels per day over the period, with higher anticipated flows from Libya, Kazakhstan and Gulf producers offset by deepening losses in Russia. Producers outside the alliance (non-OPEC+) are set to add 640,000 barrels per day, with the US leading the gains,” the report said.
According to the IEA, global oil production in 2023 is expected to reach record high of 101.7 million barrels per day on an annual basis (an increase of 1.7 million barrels per day), “led by non-OPEC+ supply rising by around 1.9 million barrels per day”.
“As for Russia, we have revised up our projection this month due to the limited impact to date of US and European sanctions substantially curbing supply. Asian buyers have stepped in to take advantage of cheap crude importing higher volumes. In July, Russian oil production was only 310,000 barrels per day. Although the EU embargo on Russian crude and product imports that comes into full effect in February 2023 is expected to result in further declines, some policymakers have suggested a possible softening of measures. That has led us to revise up Russian volumes for the second half of 2022 by a further 500,000 barrels per day and make an upward adjustment of 800,000 barrels per day for 2023,” the report concluded.
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