IEA raises its forecast for global oil production in 2024

The International Energy Agency (IEA) has raised its forecast for global oil production in 2024 to a record 103.8 million barrels per day, Azernews reports, citing foreign media outlets.

"As production in non-OPEC+ countries continues to exceed the forecast, annual production is now expected to increase by 1.7 million barrels per day, to a record 103.8 million barrels per day in 2024," the report says.

Last month, the IEA forecast an increase in oil production this year to 103.5 million barrels per day.

Production growth is expected due to the USA, Brazil, Guyana and Canada. These countries will increase their total oil production by 1.4 million barrels per day, while the United States accounts for more than half of the increase in global production for the fourth year in a row.