IEA expects growth in global oil production

The International Energy Agency (IEA) has maintained its forecast for the growth rate of oil production in the world by 4.8 million barrels per day, to 100.1 million in 2022, by 1.7 million barrels, to a record 101.8 million in 2023, Report informs referring to Agency's September report.

In August, it was predicted that the world oil supply would increase by 4.8 million barrels per day, to 100 million by the end of the current year, and by 1.7 million barrels, to 101.7 million, next year.

In 2022, global production is projected to rise by 4.8 million bpd to 100.1 million bpd. OPEC+ is on track to increase production by 3.2 million bpd and Saudi Arabia is ready to provide largest year-on-year growth and reach a yearly record. Non-OPEC+ deliveries are expected to rise by 1.6 million bpd in 2022, with the US accounting for 70% of the increase at 1.1 million, according to the IEA report.