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13 Aug, 2021 07:00

US will lead global oil production boost in 2022 – IEA

US will lead global oil production boost in 2022 – IEA

Oil-producing states outside the Organization of the Petroleum Exporting Countries (OPEC) alliance may increase global crude supply threefold next year, led by the US, according to the International Energy Agency (IEA).

In its monthly report, the IEA says non-OPEC alliance states will increase oil production by a modest 600,000 barrels per day this year, but may boost output next year by as much as 1.7 million barrels a day.

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Most of the output growth – around 60% – will come from the United States, IEA experts predict. According to recent estimates, the average US output in January-May 2021 stood at 11.10 million barrels a day, making it the world’s largest oil producer.

Last month, OPEC and its allies agreed on a new output deal, set to gradually increase oil production by 400,000 barrels a day to support the short-stocked global market amid the post-pandemic rise in demand. IEA data shows that OPEC+ counties in July nearly doubled the scheduled increase, boosting oil output by 720,000 barrels to 41.7 million barrels a day.

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However, Washington believes that the OPEC+ output boost is insufficient to tackle rising gasoline prices, with the US government calling on the group to boost oil output further and at a faster pace. OPEC and allies are scheduled to hold the next production meeting in September.

Overall, the IEA says that the combined efforts of global oil producers to support the market may even lead to an oversupply as early as the beginning of 2022.

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