The International Energy Agency (IEA) believes that OPEC + will have to increase oil production. This is necessary to meet demand, which may return to pre-pandemic levels by the end of next year.
“OPEC + needs to open the taps to ensure sufficient supply of the world’s oil markets. Global oil demand will continue to recover and, in the absence of further changes in production, will reach 100.6 million barrels per day (b / d) by the end of 2022. Production in non-OPEC + countries should also grow, but its growth is far from the level necessary to prevent further reductions in reserves, ”the IEA said in a report.
According to the agency, in 2022, global oil supplies will grow at a “much faster” pace, with the United States becoming the driving force behind the growth among non-OPEC + countries. Oil production growth in non-OPEC + countries is expected to reach 1.6 million bpd next year. The OPEC + group, led by Saudi Arabia and Russia, can increase oil production by 1.4 million b / d from July this year to March 2022.
OPEC members increased oil production in May to 25.46 million bpd, which is 390 thousand more than a month earlier. OPEC expects non-member countries to increase production by 0.8 million bpd to 63.7 million bpd. On June 1, the OPEC + countries confirmed their adherence to the previous agreements, under which OPEC + increases production by 2 million barrels per day in May-July.
More details about the agreements – in the material of “Kommersant” “OPEC + does not want to change anything.”