Oil stocks are depleting, demand will rise further

According to the IEA's oil market report for January, the crude oil supply of the Organization of the Petroleum Exporting Countries (OPEC) decreased by approximately 470 thousand barrels per day last month, falling to 26 million 960 thousand barrels.

During this period, OPEC's production from non-conventional sources other than crude oil was recorded at 5 million 630 thousand barrels per day. Consequently, OPEC's total oil supply was 32 million 590 thousand barrels per day last month, a decrease of approximately 470 thousand barrels per day compared to the previous month.

The daily oil production of non-OPEC countries decreased by approximately 480 thousand barrels during the same period, falling to 70 million 80 thousand barrels.

In this situation, global oil supply fell by approximately 950 thousand barrels per day in January compared to the previous month, dropping to 102 million 670 thousand barrels.

Seasonal cold weather conditions that negatively affected production in North America, as well as production disruptions in Nigeria and Libya, played a significant role in this decline.

Last month, the total production of the OPEC+ group, which consists of OPEC and some non-OPEC producer countries, decreased by approximately 250 thousand barrels per day to 49 million 580 thousand barrels. On the other hand, the production of countries outside the OPEC+ group fell by approximately 690 thousand barrels per day to 53 million 90 thousand barrels.

According to the IEA, global oil supply is expected to increase by approximately 1 million 600 thousand barrels per day this year, reaching 104 million 500 thousand barrels. It is projected that a large portion of this increase will be provided by non-OPEC+ producers if the OPEC+ group continues its voluntary production cuts.