MOSCOW, July 11. /TASS/. World oil supply increased by 950,000 barrels per day (bpd) month-on-month in June, while Saudi Arabia showed the greatest growth, according to a report by the International Energy Agency (IEA).
"Global oil supply increased by a steep 950 kb/d m-o-m to 105.6 mb/d in June, led by Saudi Arabia. Output was up by 2.9 mb/d y-o-y, of which OPEC+ accounted for 1.9 mb/d," the report says.
The IEA forecasts that with higher OPEC+ targets for August, world oil supply is projected to rise by 2.1 mb/d to 105.1 mb/d this year and by an additional 1.3 mb/d in 2026, with non-OPEC+ adding 1.4 mb/d and 940 kb/d, respectively.
In July, the eight OPEC+ countries that are committed to voluntary oil production cuts agreed to increase output in August by 548,000 b/d, equivalent to the original four-month increase.