International Energy Agency: Production increase in OPEC+ is unlikely

According to Bloomberg’s IRNA report, the agency noted on Thursday in its monthly report: the promise of a “largely symbolic” increase of 100,000 barrels by OPEC+ in September is likely to turn into a reduction in reality due to the decline in Russian production.

According to the International Energy Agency, due to the relatively low level of excess production capacity, which is mainly at the disposal of Saudi Arabia and the United Arab Emirates, there is no possibility of a significant increase in OPEC+ production in the coming months.

According to the Agency’s forecast, non-OPEC+ daily supply will increase by 1.7 million barrels this year and 1.9 million barrels next year, which shows a significant acceleration compared to 2021, but still less than 2. 1 million barrels per day of demand growth in 2022 and 2023.

Two weeks ago, 23 member countries of the Organization of Petroleum Exporting Countries and its allies (OPEC Plus) agreed on an increase of 100 thousand barrels of daily production for September (September – October) in their 30th meeting.