BAKU, Azerbaijan, February 9. The US Energy Information Administration (EIA) forecasts global oil production to increase by an average of 1.1 million b/d in 2023 from 100.0 million b/d in 2022, Trend reports via EIA.
As for 2024 outlook, world liquids production is expected to grow by 1.5 million b/d.
"Growth in non-OPEC production in both 2023 and 2024, as well as increases in OPEC output in 2024, will mostly offset an approximately 1.1 million b/d decline in Russia’s production over the forecast period," EIA said.
OPEC oil production, as EIA forecasts, will total 67.17 million b/d this year, and almost 68 million b/d next year.
Thus, total global oil supply is expected to stand at 101.1 million b/d in 2023, and at 102.61 million b/d in 2024. EIA also estimates world oil production in 2022 at 99.5 million b/d.
Meanwhile, EIA predicts global liquid fuels consumption to increase by 1.1 million b/d in 2023, and 1.8 million b/d in 2024. Thus, world oil demand will stand at 102.3 million b/d in 2024, compared to 99.4 million b/d in 2022.
