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Global oil supply slumped in November

The International Energy Agency (IEA) reported that global oil production decreased by 190 thousand barrels per day in November compared to the previous month, to 101 million 730 thousand barrels.

According to the IEA’s “Petroleum Market Report” for November, OPEC’s crude oil production decreased by 770 thousand barrels per day in November compared to the previous month and fell to 29 million 20 thousand barrels.

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During this period, non-conventional OPEC production, other than crude oil, was recorded as 5 million 330 thousand barrels per day. Thus, OPEC’s total oil production amounted to 34 million 350 thousand barrels per day last month.

The daily oil production of non-OPEC countries, on the other hand, increased by approximately 630 thousand barrels per day compared to the previous month and reached 67 million 380 thousand barrels.

Thus, in November, global oil production broke the 5-month upward trend and remained at the level of 101 million 730 thousand barrels with a decrease of 190 thousand barrels per day. The decrease in production was due to the supply cuts of some Gulf countries, especially Saudi Arabia, in line with the production targets of the OPEC+ group.

GLOBAL OIL DEMAND

 

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Pointing out that the demand data remained strong despite the recession expectation and the energy crisis in Europe, the IEA revised its forecast for the increase in global oil demand upwards to 140,000 barrels per day for this year and 100,000 for next year.

Accordingly, global oil demand is expected to increase by approximately 2 million 300 thousand barrels on a daily basis compared to last year and reach 99 million 930 thousand barrels this year.

The demand is expected to increase by approximately 1 million 700 thousand barrels and reach 101 million 640 thousand barrels next year.

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