IEA: oil production in the world in October reached record values

The International Energy Agency (IEA) in its report noted an increase in global oil supply in October by 320 thousand barrels per day. The indicator reached 102 million barrels per day.

The report notes that production in the United States and Brazil exceeded expectations, which contributed to the growth of global supplies in 2023 to a record 101.8 million barrels per day – 140 thousand barrels per day more than the previous year.

In 2024, non-OPEC oil producers are expected to increase supplies by 1.6 million barrels per day again, which will lead to a historically high supply level of 103.4 million barrels per day.

The IEA also points out that the war between Israel and Hamas, which began on October 7, did not have a significant impact on oil supplies. Iran's attempts to achieve an oil embargo against Israel have not found support. Moreover, in early November, Saudi Arabia's Investment Minister Khalid al-Falih ruled out using economic instruments, such as the price of oil, to achieve a ceasefire.