BAKU, Azerbaijan, September 12. Global oil production is expected to increase by 660 kb/d in 2024, pushing output to a record 102.9 mb/d, Trend reports.
Global oil supply increased by 80,000 kb/d in August, reaching 103.5 mb/d, according to the International Energy Agency's (IEA) latest outlook.
This represents a year-on-year rise of 1.4 mb/d, despite disruptions from political disputes in Libya and maintenance activities in Norway and Kazakhstan. Higher output from countries like Guyana and Brazil helped offset these losses.
The IEA’s report highlights concerns over Libya’s oil production, which plummeted from 1.2 mb/d in July to under 500 kb/d by early September. With output remaining low, the ongoing crisis is expected to have a more significant impact on global oil supply in September.
In response to falling prices, OPEC+ may delay its planned rollback of voluntary crude output cuts, initially set for October. The cuts are now expected to remain in place until December, according to the IEA. However, the agency warned that if OPEC+ proceeds with its proposed unwinding in 2025, the global oil market could be oversupplied. Even with the cuts in place, global inventories could still rise by an average of 1.1 mb/d next year.
For 2024, the IEA projects non-OPEC+ countries to contribute 1.5 mb/d to this growth, while OPEC+ output is forecast to decline by 810 kb/d.