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EIA Sees Global Oil Production up 0.6m b/d in 2024

OIL

Total global oil production is expected to grow by 0.6m b/d in 2024 slowing from an increase of 1.8m b/d in 2023, according to the EIA’s Short Term Energy Outlook in Feb.

  • Non-OPEC supply is expected to increase by 0.8m b/d, offsetting the fall of 0.2m b/d in OPEC supply.
  • US crude oil production has been revised down 0.1m b/d to 13.11m b/d for 2024. However, production for 2025 has been revised up to 13.49m b/d, an increase of 50k b/d, or 0.37%.
  • Total global demand for liquid fuels in 2024 is seen up 1.4m b/d and then up by 1.3m b/d in 2025. Total consumption was revised down to 102.42m b/d, a fall of 40k b/d on Jan’s forecast.
  • WTI Spot prices are forecast to fall to $77.68/b in 2024, down 0.4% from January’s projection. The 2025 forecast is stable at $74.98/b
  • Brent spot prices are forecast to average $82.42/b in 2024 and $79.48/b in 2025, down 7 cents/b and stable respectively.

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