MOSCOW (Sputnik) — Global oil supply has increased by 0.6 million barrels per day in September, with both Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries boosting output, the International Energy Agency (IEA) said in its monthly Oil Market Report on Tuesday.
"Global oil supplies rose by 0.6 mb/d in September to 97.2 mb/d. Non-OPEC production was up by nearly 0.5 mb/d on higher Russian and Kazakh flows, while OPEC crude output rose to a record high," the report reads.
In year-on-year terms, September's global oil supply increased 0.2 million barrels per day after the August fall of 0.3 million, according to the report.
OPEC continued to boost supply, increasing output by 160,000 barrels per day and reaching a record high of 33.64 million barrels per day due to Iraqi pumping and Libya's reopening of its oil terminals as eastern Libyan forces retook the country's "oil crescent" from terrorists. The figure was reached prior to late September's OPEC agreement to limit output at 32.5-33 million barrels a day in an effort to stabilize the market. The decision has yet to be finalized.
OPEC production is expected to remain at the all-time high until November's meeting in Vienna, when the cartel is due set a date for its output freeze, the agency said.
Global oversupply and stagnating demand have caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. Crude prices are currently fluctuating between $45-50 per barrel.
