Global oil supplies in July reached a post-pandemic high amid an increase in production by OPEC+ countries, as well as a significant recovery of the industry after maintenance in a number of regions, Interfax writes, citing a monthly report from the International Energy Agency (IEA).
According to the organization, in July, global oil supplies reached 100.5 million bpd. This is the highest rate since January 2020.
«Global production rose by 1.4 million b/d to 100.5 million b/d after the completion of planned repairs in the North Sea, Canada and Kazakhstan, while Saudi Arabia increased production in line with the increase in OPEC +. Supplies from Russia also slightly increased», the report says.
The IEA expects global oil supplies to average 100 million b/d in 2022.
The OPEC+ deal in July was executed by 523%, while the OPEC countries executed it by 359%, non-OPEC – by 800%, IEA analysts calculated.
This means that OPEC+ countries produced 38.71 million b/d in July, while under the terms of the agreement they could produce 41.45 million b/d, thus lagging behind by 2.74 million b/d.