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15 Jan, 11:40

IEA cuts 2025 global oil supply growth forecast by 0.1 mln bpd to 1.8 mln bpd

According to the IEA, global oil supply in 2024 will increase by 660,000 bpd to 102.9 mln bpd, which maintained its estimate of this figure

MOSCOW, January 15. /TASS/. The International Energy Agency (IEA) lowered its forecast for global oil supply in 2024 by 0.1 mln barrels per day (bpd) to 1.8 mln bpd, the IEA report said.

Thus, according to the organization's new forecast, even if OPEC+ maintains its voluntary cuts, global oil supply in 2025 will amount to 104.7 mln bpd, which is 1.7% higher than the 2024 estimate. Non-OPEC+ production will increase by 1.5 mln bpd both last year and this year to 53.1 mln bpd in 2024 and 54.6 mln bpd in 2025. At the same time, OPEC+ countries will increase it by 290,000 bpd this year to 50.1 mln bpd, compared to 49.8 mln bpd in 2024.

According to the IEA, global oil supply in 2024 will increase by 660,000 bpd to 102.9 mln bpd, which maintained its estimate of this figure.

At the same time, global oil supply increased by just 20,000 bpd in December compared to November (by 390,000 bpd by December 2023), to 103.5 mln bpd, as increased output by African producers, in particular Libya and Nigeria, which reached multi-year production highs, offset seasonal declines in non-OPEC+ countries. OPEC+ production rose by 270,000 bpd, mainly due to African members, to 41.7 mln bpd. In turn, supplies from Russia slightly fell, the report said.