Global oil supply increased by about 240,000 barrels per day (bpd) in February to 103.25 million bpd, according to the International Energy Agency's (IEA) latest report on Thursday.
According to the Oil Market Report, the Organization of the Petroleum Exporting Countries' (OPEC) crude oil production rose to 27.46 million bpd last month, up by 40,000 bpd from the previous month.
The group's total oil production reached approximately 33.03 million bpd, over the same period.
Meanwhile, daily oil production in non-OPEC countries increased by 190,000 bpd in February, reaching 70.22 million bpd.
- OPEC+ group accounts for most of gains
According to the report, the rise in global oil supply was led by OPEC+ group, which consists of OPEC members and some non-OPEC producing countries.
Kazakhstan pumped at an all-time high as Tengiz ramped up, while Iran and Venezuela boosted flows ahead of tighter sanctions.
OPEC+ crude supply increased 210,000 bpd in February to 41.78 million bpd, the bloc's highest level in six months. The group's total oil production reached approximately 50.06 million bpd, over the same period.
Non-OPEC+ production increased marginally as seasonal losses in biofuels and refinery processing gains negated the return of US shale oil volumes shut in by the extreme cold weather, according to the report.
Non-OPEC+ supply rose by around 20,000 bpd to 53.2 million bpd.
- IEA revises demand growth forecast
According to the report, global oil demand is expected to increase by 1.03 million bpd this year, reaching 103.91 million bpd, up from 830,000 bpd in 2024.
The agency had estimated an increase of 1.1 million bpd in its previous report.
'Amid an unusually uncertain macroeconomic outlook, recent delivery data have been somewhat underwhelming. We have reduced our forecast for first quarter of 2025 year-on-year growth slightly, to 1.2 million bpd, primarily in emerging markets,' the IEA explained.
The report highlights that Asia accounts for almost 60% of gains in 2025, led by China where petrochemical feedstocks will provide the entirety of growth.
Demand in non-OECD is expected to increase by 1.08 million bpd to 58.29 million bpd, while in OECD countries is anticipated to decrease by 53,000 bpd to 45.62 million bpd.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr