IEA evaluates OPEC+ production indicators for August 2024

The International Energy Agency (IEA) has maintained its forecast for global oil production for 2024-2025, despite recent fluctuations in output. In August, global oil supply increased by 80,000 barrels per day, reaching 103.5 million barrels, according to the IEA's monthly report.

The report highlighted that production disruptions caused by the ongoing political conflict in Libya, along with maintenance work in Norway and Kazakhstan, were offset by increased supplies from Guyana, Brazil, and other countries. In particular, Libya's oil production saw a sharp decline, dropping from 1.2 million barrels per day in July to 500,000 barrels in August. With Libyan output remaining low into early September, the impact on global supplies is expected to be more significant this month.

The IEA predicts that global oil supply will increase by 660,000 barrels per day this year, reaching a record high of 102.9 million barrels per day. In 2025, the supply is projected to grow by an additional 2.1 million barrels, reaching 105 million barrels per day.

Moreover, the International Energy Agency (IEA) has evaluated the oil production indicators of "OPEC+" countries for August 2024.

According to the report, "OPEC+" countries reduced daily oil production by 140,000 barrels compared to July. However, they still exceeded the planned daily target by 850,000 barrels, considering voluntary production cuts.

The report indicates that, factoring in the voluntary reductions by the 18 "OPEC+" countries participating in the agreement, the target level for daily production in August was set at 33.71 million barrels. However, the actual production reached 34.56 million barrels.

Among the countries exceeding their daily production quotas, Iraq led with 470,000 barrels, followed by the UAE with 390,000 barrels, Russia with 130,000 barrels, and Kuwait with 110,000 barrels.

"OPEC+" is an initiative involving the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries aimed at reducing oil production to stabilize the global oil market. Azerbaijan is also a participant in the "OPEC+" agreement.