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According to the International Energy Agency, OPEC+ is unlikely to increase production
in the coming months due to limited spare capacity.
In addition, the IEA said that with Russian production falling, the previously promised plan to add 100,000 barrels per day in September could actually turn into a cut.
"The level of operational spare capacity, held mainly by Saudi Arabia and the United Arab Emirates, is relatively low, so further significant increases in the coming months may be almost ruled out
," the IEA said in its monthly report on Thursday.
”
The outlook for the Paris-based group that advises major advanced economies on energy policy suggests that the burden of meeting global oil demand growth in the second half of the year will fall on countries outside OPEC and its allies
.
Non-OPEC+ supply is expected to increase by 1.
7 million b/d this year and 1.
9 million b/d
next year, according to the International Energy Agency.
This is a significant acceleration compared to last year, but still below the 2.
1 million barrels per day demand growth
projected for 2022 and 2023.
According to the International Energy Agency, OPEC+ is unlikely to increase production
in the coming months due to limited spare capacity.
In addition, the IEA said that with Russian production falling, the previously promised plan to add 100,000 barrels per day in September could actually turn into a cut.
"The level of operational spare capacity, held mainly by Saudi Arabia and the United Arab Emirates, is relatively low, so further significant increases in the coming months may be almost ruled out
," the IEA said in its monthly report on Thursday.
”
The outlook for the Paris-based group that advises major advanced economies on energy policy suggests that the burden of meeting global oil demand growth in the second half of the year will fall on countries outside OPEC and its allies
.
Non-OPEC+ supply is expected to increase by 1.
7 million b/d this year and 1.
9 million b/d
next year, according to the International Energy Agency.
This is a significant acceleration compared to last year, but still below the 2.
1 million barrels per day demand growth
projected for 2022 and 2023.
