The forecast remains the same as in the previous report.
"World oil demand remains on track to grow by 2.2 mb/d in 2023 to 101.8 mb/d, led by resurgent Chinese consumption, jet fuel and petrochemical feedstocks," the IEA’s report said.
The International Energy Agency (IEA) said on Wednesday that the global oil production will reach 101.6 million barrels per day.
The forecast remains the same as in the previous report.
“Taken altogether, world oil output this year is projected to expand by 1.5 mb/d to a record 101.6 mb/d, with the US, Iran – despite international sanctions – and Brazil ranking as the world’s top three sources of growth,” the IEA said in its report.
Russian Oil Exports and Revenues
Russia cut oil production in August remained at the level of 9.48 million barrels per day as in July, a fresh report by the International Energy Agency (IEA) said on Wednesday.
"Russian crude oil output was broadly steady in August at close to 9.5 mb/d," the report read, with the data specifying that the output was at 9.48 million barrels per day both in July and August.
The IEA also said in the report that Russia decreased its oil exports in August by 150,000 barrels per day to 7.2 million barrels per day, but it received the largest revenue since October 2022.
"Russian oil export revenues surged by $1.8 bn in August to their highest level since October 2022. While overall export volumes fell 150 kb/d m-o-m, the weighted average price of Russian crude increased by $9.30/bbl (+14.4%)," the report read.