BAKU, Azerbaijan, April 13. The US Energy Information Administration (EIA) forecasts Europe's oil and liquid fuels production at 4.46 mb/d in 2024, Trend reports via EIA.
According to the outlook, the region's output is expected to grow, compared to the estimated 4.3 mb/d to be produced in 2023, and 3.89 mb/d in 2022.
In particular, the forecast for the 1Q2024 stands at 4.5 mb/d, for the 2Q2023 - at 4.41 mb/d, for the 3Q2023 - at 4.32 mb/d, and for the 4Q2023 - at 4.59 mb/d.
Norway, the main producer in the region, is expected to increase output from estimated 2.28 mb/d in 2023 to 2.43 mb/d in 2024. Mainly, the country's oil production in the 1Q2024 is expected to stand at 2.43 mb/d, in the 2Q2024 and 3Q2024 - at 2.37 mb/d, and in the 4Q2024 - at 2.54 mb/d.
The UK's oil output is projected to total 0.89 mb/d for the whole 2024 (0.88 mb/d in 2023, according to EIA estimations). The forecast for the 1Q2024 stands at 0.92 mb/d, for the 2Q2024 - at 0.91 mb/d, for the 3Q2024 - at 0.81 mb/d, and for the 4Q2024 - at 0.90 mb/d.
As the EIA report noted, global liquids output is forecast to increase by an additional 2 mb/d in 2024. At the same time, this is slightly higher than projected figures in the previous forecast (growth of 1.6 mb/d in 2024).
"Global production rises in 2024, driven by non-OPEC production growth of 1 mb/d and by OPEC crude oil production, which we expect to increase by 0.9 mb/d when current production cuts expire at the end of 2023," the report added.