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By Trend
OPEC crude oil production rose by 100,000 barrels per day in September to a one-year high of 32.78 million barrels per day (
“Since May, OPEC output has increased by 735,000 b/d, led by the main Gulf producers and supported by Nigeria and Libya, offsetting falls in Iran and Venezuela,” said the report.
Global oil supply is growing fast; in September, world oil production, at around 100
This is while
“Both global oil demand and supply are now close to new, historically significant peaks at 100
In fact, production has surged, led by the US shale revolution, and supported by big increases in Brazil, Canada and elsewhere, according to the IEA.
The report said that in future, a lot of potential supply could come to the market from places like Iran, Iraq, Libya, Nigeria and
The IEA welcomes this boost to supply. “However, with Iran's exports likely to fall by significantly more than the 800,000 b/d seen so