According to the International Energy Agency report, oil supply in the world market increased by 230 thousand barrels per day compared to the previous month in July, reaching 103.4 million barrels. TASS.
The main reason for this was the increase in supply from some OPEC+ countries, especially Iraq and Saudi Arabia. According to IEA forecasts, oil supply will continue to grow in 2024 – by 730 thousand barrels per day, reaching a record 102.9 million barrels per day. The increase will mainly come from non-OPEC+ countries (+1.5 million barrels per day), while OPEC+ participants will reduce production by 760 thousand barrels per day, while maintaining voluntary restrictions.
“Global supply could increase by another 1.9 million barrels per day to almost 105 million barrels per day in 2025. The document states that the lion’s share belongs to non-OPEC+ countries and that OPEC+ will increase production by 400,000 barrels per day.
World commercial oil stocks fell by 26.2 million barrels in June after four months of growth. The decline in OECD countries (-19.5 million) was partly offset by increases in stocks elsewhere (+17.5 million).
At the end of July, portfolio manager Sergei Bdoyan stated Donald Trump has said he would actively support increased oil and gas production if he wins the US election. This contradicts Biden’s environmental agenda that controls prices through strategic reserves.
Previous Brent oil price rose Over $82 per barrel.
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Source: Gazeta
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