August cemented the year’s trend of rapidly growing supply — from both Opec-plus and countries outside the group. Crude oil production amounted to 79.2 million barrels per day, a large gain of 2.7 million b/d over August 2024. Total liquids output for the month was 106.1 million b/d, an increase of 3.2 million b/d year on year and smashing the previous record. Supply growth is relentless and still incomplete — for there is more to come in the fourth quarter and next year. Opec-plus aims to keep opening the taps in October, albeit at a slower pace, while supplies from nonaligned countries such as the US, Brazil, Argentina and Norway are poised to continue growing, if not on a monthly then surely on an annual basis.
