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Big Boost for Global Oil Supply

Copyright © 2021 Energy Intelligence Group

Global liquids supply got an 839,000 barrel per day boost in August from both Opec-plus and non-aligned producers as they chased rising summer demand. At 97 million b/d, global supply was 4.85 million b/d higher than August in 2020. Over the year, Opec-plus added 3.15 million b/d in crude output while non-Opec-plus grew by 1.2 million b/d, with the balance coming mostly from natural gas liquids. In August, key additions were seen in Brazil, Norway, China, Iraq, Angola and Russia. Hurricane Ida in the US will shave an expected 500,000 b/d from September crude supply in the US.

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