"Russian oil exports rose by 500 kb/d to a nine-month high of 7.8 mb/d in December. Crude shipments were up by 240 kb/d m-o-m to 5 mb/d while product flows rose by 260 kb/d. At the same time, estimated export revenues slumped to a six-month low of $14.4 billion, as Russian oil price discounts increased and benchmark oil prices declined," the report read.
At the same time, Russia decreased its oil production in December by 20,000 barrels per day compared to the previous month to 9.48 million barrels per day, the IEA added.
The IEA said on Thursday that it expects the global oil demand in 2024 to reach 102.96 million barrels per day.
"Global oil demand is forecast to increase by 1.2 mb/d y-o-y in 2024 – a pronounced slowdown from last year’s 2.3 mb/d growth," the IEA said in its report.
The reserves of the commercial oil and oil products of the Organization for Economic Co-operation and Development (OECD) have decreased by 1.3 million barrels in November, the (IEA) said.
"OECD industry stocks rose by a modest 1.3 mb in November, to 2 790 mb, which covered 61.3 days of forward demand. Commercial inventories remained 92 mb below the five-year average with all categories in deficit, except other products, which include LPG," the IEA said.
The oil production in the OPEC+ alliance decreased by 60,000 barrels per day in December compared to the previous month and reached 35.07 million barrels per day, the International Energy Agency said.
"Supply from OPEC’s current 12 members rose by 50 kb/d in December to 27.02 mb/d, while flows from the 10 non-OPEC nations edged 20 kb/d lower to 14.83 mb/d. Overall output from the 18 producers subject to quotas was 390 kb/d below an implied target of 35.46 mb/d. That left the group’s effective spare capacity, excluding sanctions-hit Iran and Russia, at 5.4 mb/d, with Saudi Arabia accounting for around 60% of the cushion," the report read.
The International Energy Agency has upgraded its estimate for the global oil production in 2023, recording an increase by 1.9 million barrels per day to the record 102 million barrels per day, according to its report.
"In 2023, global oil supply rose by 1.9 mb/d to an average annual 102 mb/d. US oil output accounted for two-thirds of the 2.3 mb/d increase from non-OPEC+," the report read.
The observed oil reserves in the world fell by 8.4 million barrels in November to a record low level since July 2022, the International Energy Agency said.
"Global observed oil inventories were down by 8.4 mb in November, to their lowest since July 2022, with crude oil and middle distillates particularly tigh," the report said.
The IEA also upgraded the estimate for global oil production in 2023 to 102 million bpd.
"In 2023, global oil supply rose by 1.9 mb/d to an average annual 102 mb/d," the report said.