IEA raises forecast for global oil production in 2022-2023

In 2023, the growth rate of global oil production will increase by 0.77 million barrels, to 100.8 million barrels per day, Report informs referring to the December report of the International Energy Agency (IEA).

Production in non-OPEC+ countries will increase by 1.9 million barrels per day, again led by the US, where growth of 970,000 barrels per day is expected, the report notes.

Forecasts for global oil production growth in 2022 will be 100 million barrels per day. Growth will be 4.7 million barrels. The growth leader will be Saudi Arabia, which, according to forecasts, will provide an increase of 1.6 million barrels per day.

In November, the agency expected that by the end of the current year, world oil production would increase by 4.6 million barrels per day, to 99.9 million barrels per day, and next year would grow by 0.74 million barrels, to 100.7 million barrels.