Global Oil Supply Decreased to 9-Year Low!

Global Oil Supply Decreased to 9-Year Low!

According to the International Energy Agency's (IEA) monthly oil market report, global oil supply fell to its lowest level in 9 years. The report said that the global oil supply is 86 million 860 thousand barrels per day. The report, which includes the crude oil production data of the Organization of the Petroleum Exporting Countries (OPEC), stated the following: “OPEC's production in June fell to 22 million 190 thousand, with a decrease of 1 million 900 thousand barrels daily compared to the previous month.” Non-crude OPEC production, excluding crude oil, was announced as 5 million barrels per day. In this context, OPEC's total oil production in June was 27 million 190 thousand barrels per day. The oil production of the countries other than OPEC decreased by 470 thousand barrels and became 59 million 670 thousand barrels. Lowest Level in the Last 9 Years Global oil supply decreased 2 million 390 thousand barrels a day in June compared to the previous month. Compared to the same period of the previous year, it decreased by 13 million 400 thousand barrels daily and decreased to 86 million 860 thousand barrels. It is stated in the report that this figure is the lowest in the last 9 years. The report also touched on the reasons for the drop in global oil supply. These reasons were shown as the reduction of oil production of some countries other than OPEC and OPEC and the decrease in crude oil production in the USA. Global Oil Demand Will Increase in 2021 The report included some estimates of the upcoming periods of global oil demand. Accordingly, the demand is projected to decrease 7 million 900 thousand barrels per day in 2020, and increase 5 million 300 thousand barrels per day in 2021.