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Global Oil Supply Increased in October – Last Minute Economy News

According to the International Energy Agency’s (IEA) October “Petroleum Market Report”, the Organization of the Petroleum Exporting Countries’ (OPEC) crude oil production decreased by 30,000 barrels per day in October compared with the previous month and fell to 29 million 800 thousand barrels.

In this period, non-conventional OPEC production, in addition to crude oil, amounted to 5,390,000 barrels per day.

Thus, OPEC’s total oil production last month was 35 million 190 thousand barrels per day.

The daily oil production of non-OPEC countries, on the other hand, increased by about 430 thousand barrels per day compared to the previous month and reached 66 million 470 thousand barrels.

As a result, world oil production increased by 410,000 barrels a day in October and reached 101,660,000 barrels.

PROJECTED GLOBAL OIL DEMAND INCREASE

Pointing to the recovery in demand in China, the IEA revised its forecast for global oil demand growth upwards to 180,000 barrels a day for this year.

Global oil demand is expected to increase by 2.114 million barrels on a daily basis over last year and reach 99.777 million barrels this year.

The IEA has revised down its forecast for next year’s demand to 40,000 barrels.

According to the report, global oil demand, which is expected to remain stagnant in the first quarter of next year, is expected to regain significant momentum in the second quarter of 2023 and surpass 2019 levels.

Next year, demand is expected to increase by 1 million 608 thousand barrels and reach about 101 million 385 thousand barrels.

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