World oil production rises by 0.3%, or around 300,000 barrels per day (bpd), to nearly 102.97 million bpd in October, according to the International Energy Agency's (IEA) latest report on Thursday.
According to the Oil Market Report, crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) increased to 26.97 million bpd in October, a rise of 210,000 bpd compared to the previous month.
The group's total oil production reached approximately 32.6 million bpd over the same period.
Meanwhile, daily oil production in non-OPEC countries increased by 80,000 bpd in October to 70.37 million bpd.
Global oil supply rose mainly due to Libya’s return to the market, OPEC+’s delayed production cuts unwind, and non-OPEC+ producers’ decision to boost supply by roughly 1.5 mb/d in both 2024 and 2025, the report said.
- Global supply forecast
The IEA forecasts global oil output growth to average 640,000 barrels per day in 2024, reaching a record high of 102.91 million bpd.
Non-OPEC+ output, led by the Americas, is expected to expand by 1.47 million bpd while the OPEC+ alliance will see production contract by 810,000 bpd, the report said.
Global growth for next year is forecast to reach around 2.05 million bpd to 104.96 million bpd.
- Global demand growth
According to the report, global oil demand is set to rise by 920,000 bpd this year to around 102.8 million bpd. In IEA's previous report, the agency had estimated an increase of 862,000 barrels per day for global oil demand.
Demand in OECD countries is expected to reach 45.65 million bpd, while non-OECD demand is anticipated to become 57.17 million bpd.
In 2025, global oil demand is projected to reach 103.8 million bpd, with a yearly growth of around 1 million bpd.
Reporting by Duygu Alhan
Writing by Handan Kazanci
Anadolu Agency
energy@aa.com.tr