PARIS (Realist English). In July, oil supplies in the world reached a post-pandemic high against the backdrop of increased production by OPEC+ countries, as well as a significant recovery of the industry after maintenance in a number of regions, according to the monthly report of the International Energy Agency (IEA).
According to the IEA, in July, global oil supplies hit 100.5 million barrels per day. This is the maximum figure since January 2020. OPEC+ ramped up total oil production by 530 kb/d in line with higher targets and non-OPEC+ rose by 870 kb/d. World oil supply is set to rise by a further 1 mb/d by year-end.
“Global production increased by 1.4 million barrels per day, to 100.5 million b/d, after the completion of planned repairs in the North Sea, Canada and Kazakhstan, and Saudi Arabia increased production in accordance with the increase in OPEC+. Supplies from Russia also increased slightly,” the report notes.
The IEA expects global oil supplies to average 100 million barrels in 2022.
Russian oil exports fell by 115 kb/d in July to 7.4 mb/d, from about 8 mb/d at the start of the year. Crude and oil product flows to the US, UK, EU, Japan and Korea have slumped by nearly 2.2 mb/d since the outbreak of the war, two-thirds of which have been rerouted to other markets. Export revenues fell from 21 bn in June to $19 bn in July, on both reduced volumes and lower oil prices.
IEA analysts estimated compliance of the OPEC+ in July at 523%. OPEC countries’ compliance was 359%, non-OPEC — 800%.
