World Oil Supply to Rise by 1.2 Mbd in 2021 as OPEC+ Increases Production (IEA)

Paris – The global oil supply is expected to rise by 1.2 million barrels a day (mbd) this year after suffering a record decline in 2020 as the OPEC+ members are set to contribute more to the growth than those outside the alliance, the International Energy Agency (IEA) said on Tuesday.

“Higher demand will allow supply to start rising this year. World oil supply is now expected to increase by 1.2 mb/d in 2021 following a record decline of 6.6 mb/d last year. Much more oil is likely to be required, given our forecast for a substantial improvement in demand in the second half of the year,” the IEA said a monthly report.

In December, the global oil supply stood at 92.8 mbd, but it will increase this month as the OPEC+ countries have agreed to gradually increase production, the agency noted.