World oil production rose by more than 26%, or around 270,000 barrels per day (bpd), to nearly 101.6 million bpd in September, led by higher production from Nigeria and Kazakhstan, according to the International Energy Agency's (IEA) latest report on Thursday.
OPEC output reached 33.79 million bpd in September, up by about 260,000 bpd from August. Nigeria made the biggest production increase in the group in September, with an addition of 170,000 bpd to 1.35 million bpd.
Non-OPEC oil production totaled 67.79 million bpd in September, up around 20,000 bpd from August.
According to the report, global output, 'barring any unforeseen disruptions', is expected to average around 101.3 million bpd in the last quarter of this year.
While the Israel-Palestine conflict has heightened risks to Middle East supply, there has not been any impact on flows, the IEA said.
- Demand growth to slow in 2024
Underpinning an annual increase of 2.3 million bpd to 101.9 million bpd for 2023 as a whole, global oil demand is forecast to continue its strong growth trajectory in the last quarter.
'China and non-OECD economies account for 77% and 97% of the increase, respectively,' the agency said.
According to the report, growth will slow next year 'as a harsher economic climate and continued progress in energy efficiency weigh on oil consumption.'
In 2024, global oil demand is expected to rise by only around 900,000 bpd to 102.7 million bpd.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr