Global oil supplies hit post-pandemic high in July

Global oil supplies hit a post-pandemic high in July amid an increase in production by OPEC+ countries, as well as a significant recovery of the industry after maintenance in several regions, according to the monthly report of the International Energy Agency (IEA), Report informs.

According to the organization, in July, global oil supplies reached 100.5 million bpd. This is the highest rate since January 2020.

“Global production rose by 1.4 million b/d to 100.5 million b/d after the completion of planned repairs in the North Sea, Canada and Kazakhstan, while Saudi Arabia increased production in line with the increase in OPEC+. Supplies from Russia also slightly increased," the report says.

The IEA expects global oil supplies to average 100 million b/d in 2022.