BAKU, Azerbaijan, March 17. The output from OPEC+ producers is forecast to stand at 36.89 mb/d in 2025, Trend reports.
Thus, the forecast has been revised down by 0.34 mb/d, compared to the previously estimated 37.23 mb/d.
According to the forecast made by the US Energy Information Administration (EIA), the bloc's output is set to grow by 0.94 mb/d from 35.95 mb/d estimated for 2024.
The EIA projected OPEC+ oil production to stand at 37.07 mb/d in 2023.
As the agency noted, the extension of the OPEC+ production cuts will lead to a tightening of global oil supplies in the short term.
"The current OPEC+ agreement involves two types of production cuts: officially stated production targets and additional voluntary cuts made by certain OPEC+ participants. While our previous forecast assumed that some OPEC+ members would maintain voluntary cuts until the second quarter of 2024 to stabilize markets, the recent announcement commits all members to continue cuts throughout the first half of 2024," the EIA said.
With some OPEC+ members prolonging their voluntary production cuts and Russia introducing new ones, the agency now anticipates much tighter oil markets in the second quarter of 2024 than previously expected. The forecast suggests that global oil inventories will decline by 0.9 mb/d in the second quarter of 2024, compared to the previous expectation of relatively stable inventories during that period.