IEA reports increase in global oil production in January

Global oil production in January increased by 560,000 barrels per day compared to December - to 98.7 million barrels per day, Report informs referring to the January report of the International Energy Agency (IEA).

Global oil production in January rose by 560,000 barrels per day, to 98.7 million barrels, but the growth rate slowed down because the OPEC+ targets weren’t met, which removed 300 million barrels of oil from the market since the beginning of 2021, reads the report.

According to agency analysts, if OPEC+ cuts are completely reversed, global oil production in 2022 might increase by 6.3 million barrels per day.

The OPEC+ alliance, due to the fall in oil demand caused by the coronavirus pandemic, has reduced its production by 9.7 million barrels per day since May 2020. As the situation stabilized, the deal was adjusted.

Since August 2021, the alliance has been increasing production by 400,000 barrels per day every month, hoping to gradually withdraw from its commitments under the deal by the end of September 2022.