IEA keeps forecast for global oil production in 2023

The International Energy Agency (IEA) expects global oil production at the end of the current year at the level of 101.1 million barrels per day, thereby maintaining the forecast for its growth at the level of 1.2 million barrels per day, Report informs referring to the agency’s monthly report.

For the year as a whole, global oil production growth is projected to slow to 1.2 million barrels per day compared to 4.6 million barrels per day in 2022, the report said.

According to IEA forecasts, by the end of this year, non-OPEC+ oil production growth, led by the US and Brazil, will increase by 1.7 million barrels per day, while OPEC+ will collectively reduce production by 560,000 barrels per day.