IEA: global oil production drops

Global oil production in April 2024 decreased by 200,000 barrels per day (bpd) to 102 mln bpd, according to the International Energy Agency (IEA).

It was noted that by the end of the year oil production will still grow to a record level. However, global oil supply may still be below the forecast demand of 103 mln bpd.

According to the organization's May report, the IEA expects global oil supply to grow by 580,000 bpd this year to a record 102.7 mln bpd, as production from non-OPEC+ countries will increase by 1.4 mln bpd, while OPEC+ will reduce it by 840,000 bpd if voluntary cuts are maintained.

In 2025, the global oil market will be more balanced due to growing production in non-OPEC+ countries.

According to the IEA, next year global oil output will rise by 1.8 mln bpd even if OPEC+ cuts continue, as non-OPEC+ countries will also increase oil supply by 1.4 mln bpd. The majority of growth is expected to come from the U.S., Guyana, Canada and Brazil.