BAKU, Azerbaijan, September 11. The US Energy Information Administration (EIA) forecasts that global production of petroleum and other liquid fuels will rise by 0.3 mb/d in 2024, reaching 102.1 mb/d, Trend reports.
The EIA has flagged ongoing disruptions to Libya’s oil production as a significant uncertainty for the global oil market in the fourth quarter of 2024. Political unrest and heightened tensions between rival Libyan government factions have forced the shutdown of several oil fields, causing a sharp drop in the country’s output. By the end of August, production had fallen to just 0.4 mb/d, down from 1.1 mb/d in the first half of 2024.
The EIA anticipates that Libya’s oil production will average 0.6 mb/d for the rest of the year. Despite this, and the impact of OPEC+ production cuts, growth in oil output outside of OPEC+ remains robust.
Looking ahead to 2025, global liquid fuel production is expected to grow by 2.4 mb/d, reaching 104.6 mb/d. This increase will include a rise of 0.8 mb/d from OPEC+ countries, with an additional 1.6 mb/d of growth coming from non-OPEC+ producers.