IEA raises its global oil production forecast in 2024

The International Energy Agency (IEA) has raised its forecast for global oil production in 2024 to a record 103.8 million barrels per day, Report informs, citing the agency.

As non-OPEC+ production continues to exceed forecast, annual output is now set to increase by 1.7 million bpd to a record 103.8 million bpd in 2024.

Last month, the IEA forecast oil production would rise to 103.5 million barrels per day this year.

Production growth is expected in the USA, Brazil, Guyana and Canada. These countries will increase their combined oil production by 1.4 million barrels per day, with the United States accounting for more than half of the increase in global production for the fourth year in a row.