The agency said in its monthly report: “Production is expected to grow by 770,000 barrels per day in 2024, and increase by 1.8 million barrels per day next year.”
Regarding commercial stocks of oil and petroleum products in OECD countries, the agency reported that these stocks grew for the second consecutive month last May, rising by 27.8 million barrels to 2.845 billion barrels, the highest level since July 2021.
The data also indicated that commercial oil inventories in OECD countries decreased by 10.3 million barrels, and the report also showed that total observed global inventories rose by 23.9 million barrels last May, reaching the highest level since August 2021.
The agency also indicated that the OPEC+ group countries reduced their crude oil production by 50,000 barrels per day last June compared to the previous month, May 2024, and their production reached 34.43 million barrels per day.
According to the charts included in the report, the group’s production in June reached 34.43 million barrels per day, following it was 34.48 million barrels per day in May.
At the beginning of this June, the OPEC+ group announced the extension of the mandatory oil production cut agreement for an additional year, and the agreement will expire in December 2025 instead of the previous date, which was scheduled for the end of 2024.
The amount of oil production reduction under this agreement amounts to regarding 3.7 million barrels per day, distributed among the members of the group led by Russia and Saudi Arabia.
Eight countries from the group are also participating in a voluntary agreement to reduce oil production by 2.2 million barrels per day, which began in July 2023 and ends in the third quarter of 2024.
Source: RT + Novosti
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2024-07-11 16:09:49
