BAKU, Azerbaijan, August 13. Non-OPEC+ oil supply is forecast to grow by 1.5 mb/d in both 2024 and 2025, says the International Energy Agency (IEA), Trend reports.
In its latest outlook, the agency reported a decline in non-OPEC+ output by 60,000 kb/d month-on-month in July, bringing the total to 53.3 mb/d. Despite gains from the US, Canada, and Brazil, which added close to 60 kb/d each, losses in China and Guyana - due to seasonal factors and planned maintenance - partially offset these increases.
Overall, non-OPEC+ production in July was 350 kb/d above December 2023 levels, with an anticipated increase of 320 kb/d through December 2024, ending the year 680 kb/d higher year-on-year.
Preliminary earnings reports from oil and gas companies suggest steady growth and improved efficiencies, the IEA noted. Oilfield service providers are witnessing rising spending and activity outside the US, with offshore rig day rates reaching levels not seen since the peak of the last cycle a decade ago.
Thus, the US, Canada, Brazil, and Guyana are expected to account for 75 percent of this growth in the coming years, with production levels reaching 53 mb/d in 2024 and 54.6 mb/d in 2025.