MOSCOW, December 12. /TASS/. The world oil supply increased by 130,000 barrels per day (bpd) in November due to the ongoing recovery of production in Libya and growth of production in Kazakhstan, according to a report by the International Energy Agency (IEA).

According to the IEA, world oil supply rose by 130,000 bpd in November to 103.4 mln bpd (an increase of 230,000 bpd year-on-year). The main drivers of the increase were the continued recovery of production in Libya and production growth in Kazakhstan.

The IEA added that Russia’s exports of oil and petroleum products fell by 120,000 barrels per day (bpd) in November to 7.33 mln barrels per day (mbd), while revenues from supplies decreased by $1.1 bln to $14.56 bln due to lower prices and volume supplies.

Oil deliveries lost 100,000 barrels per day in November, while export of petroleum products went down by 20,000 barrels per day.

The agency also noted that oil supplies via the Druzhba pipeline to the Czech Republic were suspended temporarily in early December, though it is not likely to seriously influence the total volume of Russian deliveries.

At the same time, Russia’s crude oil production fell slightly in November 2024 - by 10,000 bpd to 9.25 mln barrels per day (mbd), still outstripping the OPEC+ target considering voluntary adjustments and compensations by 270,000 bpd, the IEA said.

Russia produced 9.25 mbd of oil in November, which is 10,000 bpd lower than in October, according to the agency. However, considering voluntary adjustments and compensations for November, the production was planned at 8.98 mln barrels per day.

OPEC said in its December report released on December 11 that Russia’s oil production plan in November was exceeded by 46,000 bpd.

Eight OPEC+ nations have been voluntarily reducing output by 2.2 mln barrels per day since Q1 2024. Meanwhile, Russia cut oil supplies to global markets, not production, by 500,000 barrels per day in Q1. In Q2, both export and output went down, while in Q3, Russia was to reduce only production and keep it at 8.978 mln barrels per day.

However, for several months in a row, Russia exceeded the production level agreed upon under the OPEC+ agreements. Russia, like other ‘debtors’, is gradually compensating for insufficiently reduced production volumes. In November, the compensation volume was planned at 30,000 barrels per day.