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Supplies from non-OPEC+ countries will grow by 1.6 mln bpd in 2022 — IEA

The United States will lead in terms of the supply recovery in 2022, accounting for over 0.9 mln bpd of supply growth

MOSCOW, June 11. /TASS/. Active recovery in oil demand will spur oil-producing countries to increase supply; in 2022, supplies from non-OPEC+ countries will grow by 1.6 mln barrels per day (bpd) against 0.7 mln bpd in 2021, according to the June report of the International Energy Agency (IEA).

The IEA believes that satisfying the growing oil consumption will not be a problem. Even after production recovers by two mln bpd in May-July, the countries of the OPEC+ agreements still have 6.9 mln bpd of unused effective capacity, the report said. If sanctions against Iran are lifted, it will return 1.4 mln bpd to the market in a short time.

The United States will lead in terms of the supply recovery in 2022, accounting for over 0.9 mln bpd of supply growth. Canada, Brazil, and Norway will also increase oil supplies.

If oil sanctions are lifted, Iran will be able to increase oil production in Q3. By the end of 2021, the country’s output may increase by 750,000 bpd to 3.15 mln bpd.

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