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OPEC + countries will need to loosen production restrictions in 2022 in order to meet growing demand, according to a review by the International Energy Agency (IEA), TURAN reported.

“Our first detailed market analysis for 2022 confirms previous expectations that OPEC + will need to open the taps to ensure sufficient supply of global oil markets. Global demand for oil will continue to recover and, in the absence of further changes in production, will reach 100.6 million bpd by the end of 2022. Production in non-OPEC + countries should also grow, but its growth is far from the level necessary to prevent further reductions in reserves,” the IEA writes.

World oil production in May increased by 960 thousand bpd compared to April, to 94.3 million bpd.