BAKU, Azerbaijan, September 22. Global oil supply is expected to stand at 103.3 mb/d in 2024, Trend reports.
According to the forecast obtained by Trend from the International Energy Agency (IEA), thus, world oil supply is projected to increase by 1.7 mb/d year-on-year.
In particular, the IEA expects global oil supply to stay at 102.5 mb/d in 1Q2024, and then, grow further to 103.3 mb/d in 2Q2024, and remain around 103.7 mb/d in 3Q and 4Q2024.
As the agency noted, non-OPEC+ countries are expected to contribute 1.3 mb/d to the overall growth, while OPEC+ is projected to add roughly 400,000 b/d, provided that voluntary production cuts are reversed at the conclusion of this year, and production targets are maintained through 2024.
Meanwhile, the overall crude oil production level for both OPEC and non-OPEC countries will be set at 40.46 mb/d throughout 2024, as the block agreed, following 35th Ministerial Meeting held on June 4, 2023.