According to the International Energy Agency’s (IEA) oil market report for March, crude oil production of the Organisation of Petroleum Exporting Countries (OPEC) increased by 110 thousand barrels per day in March compared to the previous month and reached 27 million 50 thousand barrels.
In this period, other non-conventional OPEC production other than crude oil was recorded as 5 million 460 thousand barrels per day. Thus, OPEC’s total oil production totalled 32 million 510 thousand barrels per day last month.
The daily oil production of non-OPEC countries increased by 300 thousand barrels per day in the said period and reached 69 million 840 thousand barrels.
Thus, global oil production increased by 410 thousand barrels per day in March compared to the previous month and reached 102 million 350 thousand barrels.
According to the report, global oil supply continued to increase in March, following the production cuts in January due to the cold wave affecting North America.
In this period, the USA contributed 19 million 700 thousand barrels to global production with a daily increase of approximately 180 thousand.
Global oil demand growth to slow down
The strong increase in demand following the Covid-19 pandemic period is expected to lose momentum this year compared to last year.
According to the report, which 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 to 103 million 170 thousand barrels.
Global oil demand is estimated to reach 104 million 310 thousand barrels next year, with an increase of approximately 1 million 140 thousand barrels per day compared to this year.
