The global oil production will increase by 4.8 million barrels per day to 100 million barrels per day in 2022, and by 1.7 million barrels per day to the record 101.7 million barrels per day in 2023, the International Energy Agency (IEA) said in its fresh report on Thursday.
“For 2022 as a whole, global production is forecast to rise by 4.8 mb/d, to 100 mb/d. OPEC+ is on track to contribute 3.1 mb/d while non-OPEC+ is set to increase supplies by 1.7 mb/d. In 2023, world oil production is projected to rise by 1.7 mb/d to reach an annual record of 101.7 mb/d, led by non-OPEC+ supply rising by around 1.9 mb/d. The US accounts for 60% of the gains,” the report read.
In July, global oil output reached the post-pandemic high of 100.5 million barrels per day, thanks to the resumed production in several oil-rich areas and Saudi Arabia boosting its oil supply.
“World oil supply reached a post-pandemic peak in July amid a strong return from maintenance-related outages. Global output rose 1.4 mb/d to 100.5 mb/d, the highest level since January 2020, after the North Sea, Canada and Kazakhstan bounced back from scheduled upstream repairs and Saudi Arabia ramped up in line with its OPEC+ increase,” the report said.
Russian oil output showed marginal growth last month, the IEA said.
Production is expected to climb by 1 million barrels per day, reaching 101.6 barrels per day in the second half of 2022. OPEC+ is projected to speed up their production by 400,000 barrels per day, while potentially higher flows from Libya, Kazakhstan and the Gulf will offset sagging oil output in Russia. Non-OPEC+ nations are anticipated to ramp up their cumulative output by 640,000 barrels per day, with the United States as the biggest gainer.
OPEC+ groups the original 13 OPEC members, led by Saudi Arabia, with ten non-OPEC oil producers, including Russia.