MOSCOW, May 15. /TASS/. Global oil production in April 2024 decreased by 200,000 barrels per day (bpd) to 102 mln bpd, but at the end of the year it will still grow to a record level, according to the International Energy Agency (IEA).

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.

Next year, the global oil market will be more balanced due to growing production in non-OPEC+ countries, the agency said. In 2025, according to the IEA, 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 United States, Guyana, Canada and Brazil, even as production growth in the United States slows down, the report said.

OPEC+ next year may increase production by 330,000 bpd.