Global oil production hits new record highs in August

The weekly geopolitical risk report pointed to an unprecedented increase in global oil supply from OPEC+ and non-OPEC countries, leading to record production levels.

Although prices have not yet collapsed due to geopolitical and macroeconomic factors, the report warned that a projected surplus in 2025 could put downward pressure on prices.

The report shows that trade inventories in OECD countries and China reflect a larger actual surplus than estimated, while global demand growth remains sluggish compared to oversupply.

The report concluded that competition will remain fierce in the global market, calling on Iraq to improve efficiency and diversify revenues to meet these challenges.

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