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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessEIA Sees Global Oil Production up 0.6m b/d in 2024
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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.