BAKU, Azerbaijan, April 10. The output from OPEC+ producers is forecast to stand at 36.89 mb/d in 2025, Trend reports.
Therefore, the projection provided by the US Energy Information Administration (EIA) remains unchanged from the previous forecast.
However, the EIA has downwardly revised the bloc's output for 2024, reducing it from 35.95 mb/d to 36.14 mb/d.
While OPEC+ crude oil production is forecasted to decrease by 0.9 mb/d in 2024 compared to the previous year, production outside of OPEC+ is expected to rise by 1.8 mb/d, with significant contributions from the US, Guyana, Brazil, and Canada.
In 2025, global liquid fuels production is projected to increase by 2 mb/d as the OPEC+ production cuts expire, while supply growth outside of OPEC+ continues to expand.
The EIA projected OPEC+ oil production to stand at 37.07 mb/d in 2023.
Meanwhile, according to the EIA, the extension of voluntary production cuts by OPEC+ further fueled the upward pressure on prices, coinciding with the period of rising oil demand during the spring and summer driving seasons in the Northern Hemisphere.