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The International Energy Agency (IEA) recently said in a closely watched oil market report that global oil production increased by 790,000 barrels per day in August, and Saudi Arabia and the UAE increased
The IEA said that in the OPEC Alliance, OPEC member Nigeria, as well as non-OPEC oil-producing countries members Kazakhstan and Russia, production fell
As the end of the year approaches, oil production growth is expected to slow down, with only 280,000 b/d expected to grow from August to December to 101.
Libyan oil production rebounded to 1.
Petro-Logistics, an oil export analysis firm, said earlier this week that Nigerian crude oil exports plummeted to 1 million bpd
The IEA's monthly report shows that Russian crude oil exports are still very resilient, but in the short months after the EU's ban on imports of oil from Russia sea entered into full force early next year, Russia's oil exports are likely to suffer heavy losses
Russia's total oil exports actually increased by 220,000 b/d in August to 7.
However, the IEA said that the EU embargo on Russian crude oil and refined oil products will take effect in December 2022 and February 2023, respectively, and Russian exports are expected to decline to a greater extent, as an additional 1 million barrels per day of refined oil and 1.
"Total Russian oil production is expected to fall to 9.
5 million b/d by February 2023, down 1.
9 million b/d
from February 2022," the IEA said.
”
Transferred from: chemical network
