https://sputnikglobe.com/20240813/iea-believes-russia-reduced-oil-production-in-july-to-923mln-bpd---report-1119750201.html
IEA Believes Russia Reduced Oil Production in July to 9.23Mln Bpd - Report
IEA Believes Russia Reduced Oil Production in July to 9.23Mln Bpd - Report
Sputnik International
The International Energy Agency (IEA) believes that Russia decreased its oil production by 10,000 barrels per day to 9.23 million barrels per day in July, the organization's fresh report said on Thursday.
2024-08-13T09:36+0000
2024-08-13T09:36+0000
2024-08-13T09:36+0000
economy
russia
international energy agency (iea)
organisation for economic cooperation and development (oecd)
oil
opec
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"Russian crude oil supply crept down 10 kb/d to 9.23 mb/d in July – still 250 kb/d above its implied target," the report said.The reserves of the commercial oil and oil products of the Organization for Economic Co-operation and Development (OECD) decreased by 21 million barrels in June to 2.827 billion barrels, the International Energy Agency said in its report.The OPEC+ countries that participate in the oil deal have increased output by 260,000 barrels per day to 34.7 million barrels per day in July, but it still remained 930,000 barrels per day above quotas, the International Energy Agency said.According to the tables in the report, the 18 member countries of the alliance, which have quotas, produced 34.7 million barrels per day in July.The International Energy Agency has downgraded its forecast for the global oil production in 2024 by 40,000 barrels per day to 730,000 barrels per day, expects it a the level of 102.93 million barrels per day, according to its fresh report.The International Energy Agency believes that Russia decreased its oil and oil product exports by 280,000 barrels per day less that in June, which marks the lowest level since Augist 2023, the organization's report said."Russian oil exports fell 280 kb/d m-o-m to 7.4 mb/d in July, the lowest level since August 2023 and for the season versus the past three years... Commercial revenues from exports rose $880 million m-o-m to $17.12 billion," the report said.The International Energy Agency has maintained its forecast for the global oil demand growth in 2024 of 970,000 barrels per day and expects it at 103.06 million barrels per day, according to its report.
https://sputnikglobe.com/20240606/opec-expects-oil-demand-to-grow-by-22mln-bpd-in-2024-with-stable-strong-demand-1118806783.html
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international energy agency, oil production, russia decreased its oil production
international energy agency, oil production, russia decreased its oil production
IEA Believes Russia Reduced Oil Production in July to 9.23Mln Bpd - Report
MOSCOW (Sputnik) - The International Energy Agency (IEA) believes that Russia decreased its oil production by 10,000 barrels per day to 9.23 million barrels per day in July, the organization's fresh report said on Thursday.
"Russian crude oil supply crept down 10 kb/d to 9.23 mb/d in July – still 250 kb/d above its implied target," the report said.
The reserves of the commercial oil and oil products of the Organization for Economic Co-operation and Development (OECD) decreased by 21 million barrels in June to 2.827 billion barrels, the International Energy Agency said in its report.
"OECD industry stocks fell by 21 mb in June, largely in line with the five-year average overall but with large discrepancies within the product categories... Total commercial inventories stood at 2 827 mb, 70.8 mb below the five-year average, with a 14 mb surplus in other products," the report said.
The OPEC+ countries that participate in the oil deal have increased output by 260,000 barrels per day to 34.7 million barrels per day in July, but it still remained 930,000 barrels per day above quotas, the International Energy Agency said.
According to the tables in the report, the 18 member countries of the alliance, which have quotas, produced 34.7 million barrels per day in July.
"
OPEC+ crude oil output from all 22 member countries rose by 250 kb/d in July to 41.70 mb/d after Saudi flows bounced back from exceptionally low levels and Iraq pumped significantly more. Iraq, Kazakhstan and Russia have agreed to make extra reductions to compensate for overproduction earlier this year, yet they all continued to overshoot last month. Supply from the group’s 18 countries subject to quotas stood 930 kb/d above an implied target of 33.76 mb/d for July, which includes additional cutbacks promised by Iraq and Kazakhstan," the report said.
The International Energy Agency has downgraded its forecast for the global oil production in 2024 by 40,000 barrels per day to 730,000 barrels per day, expects it a the level of 102.93 million barrels per day, according to its fresh report.
"For 2024 as a whole, world output growth is forecast to average 730 kb/d, lifting supply to a record 102.9 mb/d," the report said.
The International Energy Agency believes that Russia decreased its oil and oil product exports by 280,000 barrels per day less that in June, which marks the lowest level since Augist 2023, the organization's report said.
"Russian oil exports fell 280 kb/d m-o-m to 7.4 mb/d in July, the lowest level since August 2023 and for the season versus the past three years... Commercial revenues from exports rose $880 million m-o-m to $17.12 billion," the report said.
The International Energy Agency has maintained its forecast for the global oil demand growth in 2024 of 970,000 barrels per day and expects it at 103.06 million barrels per day, according to its report.
"Average consumption is set to rise by just shy of 1 mb/d in both 2024 and 2025," the report read.
