MOSCOW, November 14. /TASS/. The global oil supply increased by 290,000 barrels per day (bpd) and reached 102.9 mln bpd in October on account of production recovery in Libya, the International Energy Agency (IEA) said in its November report.
The increase in annual terms was 380 bpd. The main factor was the recovery of production and exports from Libya, much above the decline in deliveries from Kazakhstan and Iraq.
IEA expects non-OPEC+ countries will increase the oil supply in this year and in the next year by about 1.5 mlb bpd. In the meantime, OPEC+ countries will reduce the supply by 820,000 bpd in this year and may increase it by 560,000 bpd in the next year.
The global oil supply may add 2 mln bpd and reach 105 bpd in 2025, IEA said.