The IEA reported an increase in global oil production in December

The report, published by the IEA says that in December, the global oil production volume increased by 130,000 b/d. It reached 96.8 million bps. Oil production in OPEC countries rose last month by 190,000 BPD to 28 million BPD. The agency did not make changes to the forecast for the raw material’s production. It believes that oil production will increase by 1.8 million b/d in 2022. Growth will come from countries such as the United States, Canada, and Brazil. The IEA reported an increase in oil demand in 2021 by 5.5 million b/d. This year it will grow by 3.3 million BPD. Agency experts believe that in 2022 the global oil market will be scarcer. The omicron spread impact on demand was not as significant as expected. At the same time, the pace of supply growth has not matched the dynamics of demand, as some oil producers have experienced disruptions in the production of raw materials. This led to a reduction in production capacity.

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Arseny Kudrin

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