More than 100 million barrels of oil and other petroleum liquids are being produced per day - a record according to the International Energy Agency (IEA). Output -- which includes crude oil, natural gas liquids, biofuels and refinery processing gains -- was 2.3 million barrels higher than the same period last year and 1.3 million barrels per day higher than the second quarter.
The IEA also says there is an increasing demand for oil from developing economies even as Western economies look for alternatives away from fossil fuels. The report shows that U.S. production has jumped to 11 million barrels per day, making it the world's largest producer of crude oil, according to the U.S. Energy Information Administration. The IEA sees production from outside the Organization of Petroleum Exporting Countries rising another 1.7 million barrels a day in 2019.
Crude oil prices seem largely unfazed for now by the increasing supply, as the price per barrel of Brent Crude and WTI continues to trend higher.