BAKU, Azerbaijan, September 12. The International Energy Agency (IEA) has forecasted significant global oil supply growth for 2025, with output projected to increase by 2.1 mb/d, pushing total production to a record 105 mb/d, Trend reports.
According to the IEA's latest outlook, non-OPEC+ nations will play a key role in this expansion, contributing approximately 1.5 mb/d to global supply growth.
The US, Guyana, Canada, and Brazil are expected to be the primary drivers of non-OPEC+ output, collectively providing 1.1 mb/d of the increase for both 2024 and 2025. The U.S. alone is projected to account for nearly half of the non-OPEC+ expansion in 2024 and 40 percent in 2025.
While non-OPEC+ production surges, OPEC+ output could also see a modest rise. If current voluntary cuts remain in place, the bloc’s total production may increase by 540,000 b/d in 2025.
This growth would be largely driven by Kazakhstan's Tengiz oil field expansion and a boost in Saudi Arabia’s natural gas liquids (NGLs) as the Jafurah gas field is gradually brought online, the agency noted.