Global output rose by 690 kb/d to 99.5 mb/d in June as the US and Canada pumped more, reported from the July report of the International Energy Agency.

"In June, global output rose by 690 kb/d to 99.5 mb/d, as Russia defied sanctions and the US and Canada pumped more," the report says.

"While world oil supply is expected to grow by roughly 1.8 mb/d through December, rising short-term risks to oil supply in Kazakhstan, Libya and elsewhere have put the spotlight on spare capacity, which now is held primarily by Saudi Arabia and the UAE. Their combined buffer could fall to just 2.2 mb/d in August with the full phase out of record OPEC+ cuts," it reads.

The agency also notes risks for global output, including the ongoing crisis in Libya, which has already 'cut' over 500,000 barrels of oil daily and the chronic operational problems, as well as the reduction in free capacities in OPEC+ countries, such as Nigeria, Malaysia, and Angola. A decrease in the reserves of global production capacities located mainly in Saudi Arabia and the UAE is also among the risks.

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