BAKU, Azerbaijan, January 22. The US, Brazil, Canada, and Guyana are poised to set new records in oil output in 2024, the International Energy Agency (IEA) said, Trend reports.
According to the agency, in the final quarter of 2023, these four countries all achieved record-high levels of production, collectively contributing to 88 percent of the 2.3 mb/d increase in non-OPEC+ supply growth for the year.
Coupled with significant output gains in China, they played a crucial role in driving non-OPEC+ production to 52.4 mb/d in 4Q2023, surpassing previous forecasts by 610,000 b/d.
In the current year, this same group is set to contribute to 91 percent of the total growth of 1.5 mb/d of non-OPEC+ production to 52.8 mb/d.
Thus, the US is expected to contribute some 720,000 b/d to the total non-OPEC+ supply in 2024, while Brazil is set to supply 240,000 b/d, Guyana - 200,000 b/d, and Canada - 180,000 b/d.
In contrast, OPEC+ production is anticipated to remain relatively stable compared to last year, assuming the gradual phase-out of additional voluntary cuts that commenced this month in the second quarter, the agency added.
Despite facing sanctions, Iran is positioned to be the third most significant contributor to growth, following the US and Brazil. As of the current situation, Russia, also under sanctions, might experience the most substantial decline, the IEA noted.
