Global oil supply increased in July

In the IEA’s “Petroleum Market Report” for July, it was stated that the maintenance cuts ending in the North Sea, Canada and Kazakhstan were effective in the increase in production.

It was noted that the production of the Organization of Petroleum Exporting Countries (OPEC) and the OPEC+ group, which consists of some non-OPEC producer countries, increased by 530 thousand barrels per day, and non-OPEC+ countries increased by 870 thousand per day, increasing the production to the highest level after the epidemic. Russian oil supplies also rose marginally in July.

In the report, which predicts that global oil production will increase by 1 million barrels a day between June and December, it was noted that an increase in production of 400 thousand barrels per day is expected in OPEC+ countries, including Libya, Kazakhstan and some Gulf country producers.

In this period, production in non-OPEC+ countries, led by the USA, was estimated to increase by 640 thousand barrels per day.

OPEC’s daily production increased by 210 thousand barrels

According to the report, OPEC crude oil production increased by 210 thousand barrels in July compared to the previous month and rose to 29 million barrels per day.

During this period, non-conventional OPEC production, other than crude oil, was recorded as 5 million 390 thousand barrels per day. Thus, OPEC’s total oil production was 34 million 390 thousand barrels per day last month.

The daily oil production of non-OPEC countries, on the other hand, increased by approximately 1 million 110 thousand barrels per day compared to the previous month and reached 66 million 110 thousand barrels.

Accordingly, global oil production increased by 1 million 400 thousand barrels per day in July and reached approximately 100 million 500 thousand barrels.

Global oil demand

The IEA revised its global oil demand forecast upwards, stating that rising European natural gas prices will increase the use of crude oil in electricity generation.

The IEA predicted that this year’s global oil demand will increase by 2 million 100 thousand barrels compared to last year and will reach approximately 99 million 700 thousand barrels.

It is stated that these increases are expected mostly from the Middle East and European countries, and it is estimated that the demand will increase by 2 million 100 thousand barrels next year.

While the Asia-Pacific Region is expected to lead the oil demand with 36 million 703 thousand barrels per day this year, it is estimated that this region will be followed by the Americas with 30 million 807 thousand barrels and Europe with 14 million 429 thousand barrels.

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