End of 2023 to see a 400,000 barrel drop in global oil supplies, says Energy Agency

The International Energy Agency said it expects global oil supplies to drop by 400,000 bpd by the end of the year, noting an expected one million bpd increase in non-OPEC+ production starting in March, up from 1.4 million bpd per day, which will be reduced by producing countries in the group.

The agency pointed to an expected increase in production of one million bpd from outside OPEC+ starting in March, compared to the 1.4 million bpd that would be cut by the group’s producing countries.

The agency said the OPEC+ decision could have been influenced by a rise in global oil inventories, noting that OECD inventories reached their highest level since July 2021 at 2.83 billion barrels in January.