Global oil supply decreased by 2 million 390 thousand barrels per day in June compared to the previous month, reaching 86 million 860 thousand barrels per day and falling to the lowest level in the last 9 years.
According to the monthly oil market report of the International Energy Agency (IEA), crude oil production of the Organization of Petroleum Exporting Countries (OPEC) decreased by 1 million 900 thousand barrels per day in June compared to the previous month, reaching 22 million 190 thousand barrels.
Other unconventional OPEC production other than crude oil was recorded as 5 million barrels per day. Thus, OPEC’s total oil production amounted to 27 million 190 thousand barrels per day in June.
Oil production of non-OPEC countries decreased by 470 thousand barrels to 59 million 670 thousand barrels in this period.
Thus, while the global oil supply decreased by 2 million 390 thousand barrels per day in June compared to the previous month, it decreased by 13 million 400 thousand barrels per day compared to the same period of the previous year, decreasing to 86 million 860 thousand barrels. This figure was recorded as the lowest level in the last 9 years.
While the decline in global oil supply was affected by the reduction in oil production of some OPEC and non-OPEC countries, especially Saudi Arabia, the decrease in production in the USA, the world’s largest crude oil producer, also attracted attention.
Global oil demand
According to the report, it is estimated that global oil demand will decrease by an average of 7 million 900 thousand barrels per day this year, and will increase by an average of 5 million 300 thousand barrels per day next year.
The predicted decrease in demand this year was due to increased economic uncertainties around the world and weak oil consumption due to the measures taken against the new type of coronavirus (Covid-19) and partial quarantines.
While it is expected that the Asia Pacific region will lead the oil demand this year with 33 million 700 thousand barrels, it will be followed by America with 28 million 900 thousand barrels and Europe with 13 million 500 thousand barrels.
Source: https://www.aa.com.tr/tr/ekonomi/kuresel-petrol-arzi-9-yilin-en-dusugunde/1905721
