BAKU, Azerbaijan, June 10. The US Energy Information Administration (EIA) has lowered its forecast for world oil output through 2024, Trend reports.
During the meeting on June 4, the members of OPEC+ reached an agreement to prolong the implementation of crude oil production reductions until the end of 2024. Initially, these cuts were scheduled to expire by the end of 2023. Additionally, Saudi Arabia made an announcement after the meeting, stating its intention to implement an additional voluntary oil production cut of 1 mb/d for the month of July 2023.
In spite of the extended OPEC+ production cuts, EIA’s projections indicate a global increase in liquid fuels production by 1.5 mb/d in 2023 and 1.3 mb/d in 2024, mainly driven by non-OPEC producers.
Notable contributors to this growth include the US, Norway, Canada, Brazil, and Guyana.
As for OPEC, EIA anticipates a decline in crude oil production by 0.6 mb/d in 2023, followed by a modest increase of 0.3 mb/d in 2024. This revision is lower than the previous forecast of 0.6 mb/d growth for the following year.