BAKU, Azerbaijan, May 8. The US Energy Information Administration Agency (EIA) expects global production of petroleum and other liquid fuels to increase by 1.0 mb/d in 2024, Trend reports.
According to the agency's outlook, this marks a slowdown from the growth of 1.8 mb/d seen in 2023.
OPEC+ cuts are restraining world oil production growth this year, partly offsetting growth from outside of OPEC+, the EIA noted.
Thus, global oil output is forecast to stand at 102.76 mb/d in the current year.
As such, while OPEC+ liquid fuels production is projected to decrease by 0.8 mb/d in 2024, production outside of OPEC+ is expected to increase by 1.8 mb/d, driven by growth in the US, Canada, Brazil, and Guyana.
Looking forward, in 2025, global liquid fuels production will rise by 1.9 mb/d to 104.65 mb/d, as the OPEC+ production cuts come to an end, with production outside of OPEC+ continuing to expand.
