IEA lowers its forecast for global oil production in 2024

The growth of global oil production in 2024 will be over 500,000 barrels per day, to 102.7 million barrels per day, reads the monthly report of the International Energy Agency (IEA), Report informs.

According to forecasts, global economic demand growth this year will average 580,000 barrels per day, which will lead to an increase in oil supply to a record 102.7 million barrels per day.

Production in non-OPEC+ countries is expected to increase by 1.4 million barrels per day, while production in OPEC+ countries is projected to decrease by 840,000 barrels per day, provided that existing voluntary cuts are maintained, the report says.