BAKU, Azerbaijan, December 28. The US Energy Information Administration (EIA) forecasts North American oil production to reach 30.1 mb/d in 2024, Trend reports.
According to the agency's forecast, the regional output next year is projected to surpass the expected 2023 level of 29.73 mb/d by over 0.3 mb/d.
More precisely, the region's output is expected to be 30.13 mb/d in the first quarter of 2024, showing a slight decline to 29.82 mb/d in the second quarter, bouncing back to 30.07 mb/d and 30.41 mb/d in the third and fourth quarters, respectively.
The US, the largest producer in the region is forecast to finish 2024 with 22.17 mb/d in oil production - up by 0.31 mb/d, compared to 21.86 mb/d estimated for 2023.
Canada's liquids output is also expected to grow slightly from 5.76 mb/d projected for 2023 to 5.89 mb/d next year.
Mexico, instead, is poised to see a moderate decline in its production - from 2.11 mb/d in 2023 to 2.05 mb/d.
Meanwhile, the EIA projects global liquids supply growth to drop by 1 mb/d year-on-year in 2024. Total world production is expected to stand at 102.1 mb/d next year.
