MOSCOW, April 14. /TASS/. The International Energy Agency (IEA) expects global oil supply growth to slow down to 1.2 mln barrels per day in 2023 compared with 4.6 mln barrels per day last year, the agency reported on Friday.
Meanwhile, the OPEC+ countries’ decision to additionally cut production will reduce global oil supply by 400,000 barrels per day by the end of the year, the agency believes.
That said, the main growth of production will be ensured by such non-OPEC+ countries as the US and Brazil, with an increase by 1.9 mln barrels per day. OPEC+ is expected to cut output by 760,000 barrels per day.
On April 2, a number of OPEC+ nations announced a voluntary output reduction from May to the end of 2023. The decisions were confirmed following the meeting of the OPEC+ ministerial monitoring committee held on April 3. The total volume of voluntary reduction will amount to 1.66 mln barrels per day and will become an addition to agreements enforced in November 2022 on reduction in output by 2 mln barrels per day within the framework of the OPEC+ deal.
In particular, Saudi Arabia will voluntarily reduce production by 500,000 barrels a day, Iraq - by 211,000 barrels a day, the United Arab Emirates - by 144,000 barrels a day, Kuwait - by 128,000 barrels a day, Kazakhstan - by 78,000 barrels a day, Algeria - by 48,000 barrels a day, Oman - by 40,000 barrels a day, Gabon - by 8,000 barrels a day. Russia will extend the decision on output reduction by 500,000 barrels per day from the February average by yearend.