NEW DELHI: The war between Israel and Hamas that began in early October will not have major impact on oil supply, said the International Energy Agency (IEA) in its monthly report. As per its November 2023 oil report, concerns about the conflict escalating into a broader regional crisis, disrupting oil supply, have not materialised.
“Barring large unforeseen outages, world oil supply is firmly on an upward trajectory, with October output up 320 kb/d MoM (thousand barrels per day month-on-month). Record output from the United States, Brazil and Guyana underpin this year’s 1.7 mb/d (million barrels per day) increase in global oil supplies, to a record 101.8 mb/d. In 2024, non-OPEC+ producers will continue to lead global growth, projected at 1.6 mb/d, to an unprecedented 103.4 mb/d,” reads the report.
Crude oil prices saw a significant volatility in the past two months due to production cuts by major oil producers, Saudi Arabia and Russia, as well as the ongoing conflict between Israel and Palestine.