"For 2022 as a whole, global production is forecast to rise by 4.8 mb/d, to 100 mb/d. OPEC+ is on track to contribute 3.1 mb/d while non-OPEC+ is set to increase supplies by 1.7 mb/d. In 2023, world oil production is projected to rise by 1.7 mb/d to reach an annual record of 101.7 mb/d, led by non-OPEC+ supply rising by around 1.9 mb/d. The US accounts for 60% of the gains," the report read.
In July, global oil output reached the post-pandemic high of 100.5 million barrels per day, thanks to the resumed production in several oil-rich areas and Saudi Arabia boosting its oil supply.
"World oil supply reached a post-pandemic peak in July amid a strong return from maintenance-related outages. Global output rose 1.4 mb/d to 100.5 mb/d, the highest level since January 2020, after the North Sea, Canada and Kazakhstan bounced back from scheduled upstream repairs and Saudi Arabia ramped up in line with its OPEC+ increase," the report said.
Russian oil output showed marginal growth last month, the IEA said.
Production is expected to climb by 1 million barrels per day, reaching 101.6 barrels per day in the second half of 2022. OPEC+ is projected to speed up their production by 400,000 barrels per day, while potentially higher flows from Libya, Kazakhstan and the Gulf will offset sagging oil output in Russia. Non-OPEC+ nations are anticipated to ramp up their cumulative output by 640,000 barrels per day, with the United States as the biggest gainer.
OPEC+ groups the original 13 OPEC members, led by Saudi Arabia, with ten non-OPEC oil producers, including Russia.