Global Oil Supplyโฃ Surges, Reserves Hit Four-year High Amid Demandโฃ Fluctuations
Globalโ oil supply increased by 760,000 barrels โขper dayโ in โขseptember, reaching a total of 108 million barrels per day, according to recent data.This rise coincides โคwith a period of fluctuating demand and growing reserves, โฃsignaling aโ complex dynamic inโข theโค global oil market. experts anticipate continued growth in both โsupplyโค and โdemand, but predict waning interest in โขoil as โalternative energy sources gain traction.
The International Energy Agency (IEA) forecasts global oil supplyโข will grow โby โthreeโ million barrels per day thisโ year, reaching 106.1 โmillion โbarrels per โday,and by an additionalโข 2.4 million barrels per day in the coming year.โข Demand in the third quarter of this year increased by 750,000 barrels a day, allowing the petrochemical sector to recover from aโ slower second quarter, which โคsaw growth of 420,000 barrels per day โขimpacted by new โฃregulations.
Outside of the OPEC+ group, countries including theโ United States, Brazil, Canada, Guyana, and Argentinaโข are expected to contribute 1.6 million barrels per dayโ more to the global supply this year, and 1.2 million barrels per day more next year. OPEC+ is projected to increase supply by 1.4โ million โbarrels this year and 1.2 million barrels next year, based on current production agreements.
Global oil reserves reachedโ a four-year โฃhigh of 7909 โฃmillion barrels in August, โincreasing by 17.7 million barrels. Reserves within countries belonging to the Institution for Economic Cooperation and Growth (OECD) rose by 22 million barrels,while thoseโ outside the OECD increased by four million โbarrels.โ China’s increasing oil reserves and a dropโข in oil reserves held on tankers by eight million barrels contributed to this overall increase. Preliminary data indicates substantially higher stocks, totaling 102 million barrels.
