MOSCOW, August 12. /TASS/. Oil-producing countries outside the OPEC+ alliance will increase crude output by 0.6 mln barrels per day this year, the International Energy Agency said in its report obtained by TASS.
Meanwhile, in 2022 their oil production will rise to 1.7 mln barrels per day, with oil producers from the US accounting for 60% of this growth, the agency suggests.
OPEC+ countries also recover oil output with rates by 400,000 barrels per day each month this and next year, the IEA added. Particularly, global crude supplies increased by 1.7 mln barrels per day in July due to the fact that Saudi Arabia withdrew from voluntary cuts supported since February.
The agency’s experts believe such rates of production growth may even result in a certain oversupply as early as at the beginning of next year.
Meanwhile, the possibility of the Iranian oil entering the market persists if Tehran manages to reach an agreement on the nuclear deal with the US after the presidential election. Currently the US sanctions block roughly 1.3 mln barrels per day of the Iranian oil supply.