BAKU, Azerbaijan, December 26. The US Energy Information Administration (EIA) projects Europe's production of oil and liquid fuels to reach 4.1 mb/d in 2024, Trend reports.
As per the forecast, the region's output is anticipated to experience a slight increase compared to the estimated 3.98 mb/d in 2023 and 3.89 mb/d in 2022.
Breaking it down, the forecast for the first quarter of 2024 is set at 4.15 mb/d, the second quarter of 2023 at 4.05 mb/d, the third quarter of 2023 at 3.97 mb/d, and the fourth quarter of 2023 at 4.23 mb/d.
Norway, the primary producer in the region, is projected to boost output from an estimated 2.02 mb/d in 2023 to 2.08 mb/d in 2024. Specifically, the country's oil production is anticipated to be at 2.09 mb/d in the first quarter of 2024, 2.02 mb/d in the second quarter of 2024, 2.03 mb/d in the third quarter of 2024, and 2.2 mb/d in the fourth quarter of 2024.
Meanwhile, the oil output forecast for the UK is expected to reach 0.88 mb/d for the entirety of 2024, as per EIA estimations (compared to 0.84 mb/d in 2023). In particular, the projection for the first quarter of 2024 is at 0.92 mb/d, the second quarter at 0.91 mb/d, the third quarter at 0.81 mb/d, and the fourth quarter at 0.89 mb/d.
The EIA forecasts global liquids supply growth to drop by 1 mb/d year-on-year in 2024. Total world production is expected to stand at 102.1 mb/d next year.