BAKU, Azerbaijan, June 13. Global oil production is expected to grow by 0.8 mb/d in 2024 to 102.57 mb/d, Trend reports.
As such, the US Energy Information Administration (EIA) has revised down its forecast for global petroleum and other liquid fuels production for the current year from 0.2 mb/d forecasted in last month's outlook due to the extension of voluntary OPEC+ production cuts through the third quarter of 2024.
Despite constraints posed by ongoing OPEC+ cuts, the EIA estimates robust growth in production outside of OPEC+ countries, the agency noted.
In 2024, non-OPEC+ production is projected to increase by nearly 2.0 mb/d, driven primarily by rising output from the US, Canada, Brazil, and notably Guyana. This surge underscores the significant contributions expected from non-OPEC+ nations to global oil supply.
Specifically, OPEC+ is expected to reduce its liquid fuels production by 1.2 mb/d in 2024.
Looking ahead to 2025, global production of liquid fuels is forecasted to increase by 2.2 mb/d to 104.73 mb/d.
As the phased withdrawal of the initial round of OPEC+ voluntary production cuts progresses throughout the year, OPEC+ production is set to rise by 0.7 mb/d. This growth will be complemented by a 1.4 mb/d increase in production from countries outside of the OPEC+ coalition.