IEA: Global daily oil supply increased

IEA: Global daily oil supply increased
  • Clock-gray 15:41
  • calendar-gray 12 November 2020

Global oil supply rose by 0.2 mb/d m-o-m to 91.2 mb/d in October. Production from countries participating in the OPEC+ agreement held largely steady, APA-Economics reports citing IEA's monthly report.

Overall compliance was 103%. In November, world oil supply may rise by over 1 mb/d as the US recovers from hurricanes and Libya continues to bounce back. Output from producers outside of OPEC+ is set to fall by 1.3 mb/d in 2020 and rise by 0.2 mb/d next year. US supply falls by 600 kb/d in 2020 and by 655 kb/d in 2021.

Emil Ismayilov

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