BAKU, Azerbaijan, March 13. Global liquid fuels production is expected to rise by 0.4 mb/d in 2024, Trend reports.
According to the outlook provided by the US Energy Information Administration Agency (EIA), this is a decrease from the growth of 0.6 mb/d projected in last month's projection, and a significant drop from the 1.8 mb/d increase seen in 2023.
Thus, world liquids production is forecast to remain at a level of 102.17 mb/d this year.
Meanwhile, as the EIA noted, despite the limitations imposed by OPEC+ production cuts, production outside of OPEC+ is set to grow by 1.5 mb/d. This growth is mainly fueled by four countries in the Americas - the US, Guyana, Brazil, and Canada. It offsets the decrease in crude oil output subject to the OPEC+ agreement, which is expected to fall by 1.1 mb/d in 2024.
Looking ahead to 2025, the agency's forecast predicts a global liquid fuels production increase of 2 mb/d to 104.17 mb/d. This growth is primarily driven by a rise in OPEC+ crude oil production by 0.9 mb/d as existing OPEC+ production targets expire at the end of 2024. Additionally, production not bound by the OPEC+ agreement is expected to increase by an additional 1.1 mb/d.
