MOSCOW, April 12. /TASS/. Increased oil production in the US, Brazil, Canada, and Guyana could cover all of the demand growth in 2024 and 2025, according to the April report of the International Energy Agency (IEA).

According to the IEA, these four countries will produce record volumes of oil, ensuring supply growth of 1.2 mln barrels per day (bpd) in 2024 and 1 mln bpd in 2025.

The agency also expects that oil supply from OPEC+ countries in 2024 may decrease by 820,000 bpd while voluntary production cuts continue in the second half of the year.

Overall, non-OPEC+ countries could increase oil output by 1.6 mln bpd this year. In 2025, global oil supply may rise by 1.6 mln bpd to a record 104.5 mln bpd, with non-OPEC+ countries accounting for 1.4 mln bpd of that increase.