Global oil supply increased by 410,000 barrels per day in March

The International Energy Agency (IEA) reported that global oil production rose by 410,000 barrels per day in March compared to the previous month, reaching 102 million 350 thousand barrels.

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Global oil supply increased by 410,000 barrels per day in March

According to the IEA's oil market report for March, crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) increased by 110,000 barrels per day in March compared to the previous month, reaching 27 million 50 thousand barrels.

During this period, non-crude non-conventional OPEC production was recorded at 5 million 460 thousand barrels per day. Thus, OPEC's total oil production amounted to 32 million 510 thousand barrels per day last month.

Meanwhile, daily oil production in non-OPEC countries increased by 300,000 barrels during the same period, reaching 69 million 840 thousand barrels.

Consequently, global oil production increased by 410,000 barrels per day in March compared to the previous month, reaching 102 million 350 thousand barrels.

According to the report, global oil supply continued to rise in March following production disruptions in January caused by a cold wave in North America.

During this period, the US contributed 19 million 700 thousand barrels to global production, an increase of approximately 180,000 barrels per day.

GROWTH IN GLOBAL OIL DEMAND TO SLOW DOWN

It is estimated that the strong growth in demand seen after the COVID-19 pandemic will lose momentum this year compared to last year.

According to the report, which also predicts that the widespread use of electric vehicles will continue to put pressure on demand, global oil demand is expected to increase by approximately 1 million 210 thousand barrels per day this year, reaching 103 million 170 thousand barrels.

Global oil demand is projected to reach 104 million 310 thousand barrels per day next year, an increase of approximately 1 million 140 thousand barrels per day compared to this year.

News Source: AA