IEA raises forecast for world oil production in 2023

The International Energy Agency (IEA) has raised its forecast for world oil production in 2023: IEA now expects it to grow by 1.4 million barrels per day, to 101.3 million barrels per day, Report informs, citing the agency.

"Global oil production is projected to hit a record high of 101.3 million bpd this year and 102.3 million bpd next year," the agency says.

A month earlier, the IEA predicted that global oil production in 2023 would grow by 1.2 million barrels per day, to 101.1 million barrels per day.

The report also notes that the IEA expects non-OPEC+ oil production to increase by 1.9 million bpd in 2023 and by 1.2 million bpd in 2024. At the same time, OPEC +, according to the IEA forecast, will collectively reduce production by 200,000 barrels per day in 2024.

In May, world oil production fell by 660 thousand barrels per day, to 100.6 million barrels, after the introduction of additional restrictions by some OPEC+ countries. Saudi Arabia promised to cut production by another 1 million bpd in July.