Global Oil Output Rising for 3rd Month in Row, Reach 101.3Mln Bpd in August – IEA

International Energy Agency (IEA)
International Energy Agency (IEA)

The global oil production has been rising for the third consecutive month and grew by 760,000 barrels per day to 101.3 million barrels per day in August, the International Energy Agency (IEA) said in its fresh report on Wednesday.

“World oil production rose 790 kb/d in August to 101.3 mb/d, with a strong recovery in Libya and smaller gains from Saudi Arabia and the UAE offset by losses in Nigeria, Kazakhstan and Russia. From August through December, growth is forecast to slow, edging up by just 280 kb/d to 101.6 mb/d. In 2022, global production is forecast to rise by 4.8 mb/d, to 100.1 mb/d, and by 1.7 mb/d in 2023 to 101.8 mb/d,” the report read.

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