IEA improves forecast for global oil production

The International Energy Agency (IEA) has raised its forecast for global oil production in 2023, now expecting growth to 101.3 million barrels per day, Report informs, citing the agency.

In January, the agency forecasted that global oil production in 2023 would increase to 101.1 million barrels per day. At the end of 2022, according to the IEA, oil production amounted to 100.1 million barrels per day.

For the year as a whole, IEA expects global oil production to grow by 1.2 million barrels per day owing to non-OPEC+ countries, namely the United States, Brazil, Norway, Canada and Guyana.