The global oil supply increased by approximately 240 thousand barrels per day in February, reaching 103 million 250 thousand barrels.

According to the International Energy Agency (IEA), the global oil supply rose by around 240 thousand barrels per day compared to the previous month in February, reaching 103 million 250 thousand barrels. The IEA’s report on the oil market for February showed that the crude oil supply of the Organization of the Petroleum Exporting Countries (OPEC) increased by approximately 40 thousand barrels per day last month, reaching 27 million 460 thousand barrels. During this period, OPEC’s production from non-crude conventional sources was recorded at 5 million 570 thousand barrels per day. Thus, OPEC’s total oil supply reached 33 million 30 thousand barrels per day last month, roughly 50 thousand barrels higher than the previous month. Oil production from non-OPEC countries, on the other hand, increased by approximately 190 thousand barrels per day during that period, reaching 70 million 220 thousand barrels per day. As a result, the global oil supply increased by approximately 240 thousand barrels per day in February compared to the previous month, reaching 103 million 250 thousand barrels. The Production Increase Came from the OPEC+ Group According to the report, the majority of the increase in the global oil supply came from the OPEC+ group, which consists of some OPEC and non-OPEC producer countries. Kazakhstan set a record production level with an increase in production at the Tengiz field, while Iran and Venezuela ramped up production ahead of tighter sanctions. During this period, the crude oil production of the OPEC+ group reached 41 million 780 thousand barrels per day with an increase of 210 thousand barrels, marking the highest level in the last 6 months. Adding the group’s 8 million 270 thousand barrels of non-crude conventional production, the total oil supply increased to approximately 50 million 50 thousand barrels per day. The production from non-OPEC+ countries, which showed a partial increase last month, rose by 20 thousand barrels to 53 million 200 thousand barrels per day.

Revision of Oil Forecast It is projected that the global oil demand will reach approximately 103 million 910 thousand barrels per day this year, with an increase of about 1 million 30 thousand barrels per day. The IEA had predicted a daily increase of 1 million 100 thousand barrels in global oil demand in its report from last month. The IEA noted that the latest delivery data fell below expectations amidst an unusual and uncertain macroeconomic outlook, leading to a downward revision of the annual demand growth forecast for the first quarter of 2025 to 1 million 200 thousand barrels per day due to weaknesses in developing markets. The report suggests that about 60% of the expected increase in demand this year will come from Asia, with China expected to lead and contribute most significantly to the growth of petrochemical raw materials. Demand is forecasted to increase by approximately 1 million 84 thousand barrels per day in non-OECD countries, reaching around 58 million 290 thousand barrels per day, while it is estimated to decrease by 53 thousand barrels per day in OECD countries, dropping to around 45 million 620 thousand barrels per day.