Baku:In September, the average daily global oil supply climbed by 2.5 million barrels compared to August, reaching a total of 102.3 million barrels. This was reported by APA-Economics, citing the October report from the International Energy Agency (IEA).

According to Azeri-Press news agency, the OPEC+ countries contributed significantly to this increase, with their supply rising by 2.1 million barrels. Saudi Arabia was noted as the largest contributor within this group. Outside of the OPEC+ agreement, the United Arab Emirates made the most substantial contribution to the increase in oil supply.

Despite the growth in supply, the renewed intensification of attacks in the Persian Gulf region is causing concerns over the stability of oil recovery. The IEA forecasts that by 2026, the average daily global oil supply will decrease by 5.8 million barrels, bringing it down to 100.7 million barrels. However, by 2027, an increase of 7.7 million barrels is expected.

The OPEC+ initiative, which includes OPEC and non-OPEC countries, aims to reduce oil production to balance the market. Azerbaijan is among the participants in this agreement.