Baku, October 12, AZERTAC
Global oil supply of 100.3 million barrels per day (mb/d) in September has surpassed the 100 million barrel-per-day milestone recorded in August, according to the International Energy Agency's (IEA) report on Friday, according to Anadolu Agency.
Crude production from the Organization of the Petroleum Exporting Countries (OPEC) increased by 100 thousand barrels per day (kb/d) in September to 32.78 mb/d.
"Since May, OPEC output has increased by 735 kb/d, led by the main Gulf producers and supported by Nigeria and Libya, offsetting falls in Iran and Venezuela," the report said.
According to the report, in OPEC, higher output from Saudi Arabia and other key Middle East producers has so far offset decreases from Venezuela and Iran.
Saudi Arabia is followed by Libya with an increase of 80 thousand barrels of oil production to 1.06 million barrels per day and the United Arab Emirates by 70 thousand barrels of production increase.
In addition, non-OPEC member Russia increased its total production to 11.74 mb/d in September from 11.59 mb/d in August, breaking records with crude oil output reaching an all-time high in September. Officials claim output could expand by another 200-300 kb/d over the next year, but the actual increase will depend on market needs.
"Looking ahead, more supply might be forthcoming. Saudi Arabia has stated it already raised output to 10.7 mb/d in October, although at the cost of reducing spare capacity to 1.3 mb/d. Russia has also signaled it could increase production further if the market needs more oil," the report noted.
According to the IEA's estimates, global oil demand is expected to reach 99.2 mb/d in 2018 and 100.5 mb/d in 2019.
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