Global Oil Supply Increased to 98.7 Million Bpd in January – IEA

The global oil supply increased by 560,000 barrels per day to 98.7 million barrels per day in January, the International Energy Agency (IEA) said in a report published on Friday.

“Global oil supply rose by 560 kb/d to 98.7 mb/d in January, but the uptrend was slowed by a chronic OPEC+ under-performance versus targets that has taken 300 mb of oil off the market since the start of 2021,” the IEA said.