Global oil production increased by 270 thousand barrels per day in September compared to the previous month, reaching 101 million 570 thousand barrels.
According to the “Oil Market Report” of the International Energy Agency (IEA) for September, crude oil production of the Organization of Petroleum Exporting Countries (OPEC) increased by 240 thousand per day in September compared to the previous month, reaching 28 million 210 thousand barrels.
During this period, non-conventional OPEC production other than crude oil was recorded as 5 million 580 thousand barrels per day. Thus, OPEC’s total oil production was approximately 33 million 790 thousand barrels per day last month.
Daily oil production of non-OPEC countries increased by 20 thousand barrels per day compared to the previous month and reached approximately 67 million 790 thousand barrels per day.
Accordingly, global oil production increased by 270 thousand barrels per day in September, reaching 101 million 570 thousand barrels.
The increase in the production of Nigeria and Kazakhstan was effective in this increase. In September, daily production increased by 170 thousand barrels in Nigeria and 130 thousand barrels in Kazakhstan compared to the previous month.
According to the report, which emphasizes that although the Israeli-Palestinian conflict increases the risks to Middle Eastern oil, there is no impact on the supply, global oil production, excluding unforeseen disruptions, will reach an average of 101 million 300 thousand barrels per day in the last quarter of the year.
Global oil demand growth will slow in 2024
According to the IEA, global oil demand, which is expected to continue its strong growth trend in the last quarter of the year, will reach 99 million 900 thousand barrels this year, an increase of approximately 2 million 300 thousand barrels per day compared to last year.
While 97% of this increase consists of non-OECD countries, it is estimated that China alone will meet 77% of the demand on a country basis.
Growth in demand is expected to slow down next year as productivity growth and the deteriorating economic environment negatively affect oil use.
Global oil demand is expected to increase by approximately 900 thousand barrels next year, reaching 102 million 700 thousand barrels.
Source: Trthaber / Prepared by Irem Yildiz