Skip to content
  • Oil
IEA sees a low chance that OPEC + will increase its oil production

IEA sees a low chance that OPEC + will increase its oil production

Bloomberg — The chances that OPEC+ will increase oil production in the coming months low because of the limited capacity available, the International Energy Agency (IEA) said on Thursday.

In addition, he indicated, the increase of 100,000 barrels per day promised for September (which he already said as “mostly symbolic”) may decline as Russian production declines.

“The low levels of additional production capacity held primarily by Saudi Arabia and the United Arab Emirates, they can rule out significant OPEC+ production increases in the coming months,” the IEA said in its monthly report.

The view of the Paris-based organization which advises the main developed economies on energy policy indicating that the burden of meeting the growth in demand for oil in the latter part of the year will fall on non-OPEC+ countries.

Non-OPEC+ supply is forecast to rise by 1.7 million barrels per day this year and 1.9 million next year, according to the IEA. That’s a significant acceleration compared to last year, but it’s still short of the 2.1 million barrels per day of demand growth expected in 2022 and 2023.

Start investing your money in cryptocurrencies and get Free Bitcoin when you buy or sell 100$ or more if you register in Coinbase