SunSirs: EIA Predicts that Global Oil Production Growth in 2024 will be Greater than previously Estimated

According to foreign sources on May 7th, the US Energy Information Agency (EIA) predicted in its short-term energy outlook report on Tuesday that global crude oil and liquid fuel production will increase by 970,000 barrels per day in 2024, reaching 102.76 million barrels per day, a growth rate greater than the agency's previous estimate.

The EIA previously predicted that global production would increase by 850,000 barrels per day, reaching 102.65 million barrels per day.

The institution will also slightly lower its valuation of global crude oil and liquid fuel production from 1,018 million barrels per day to 1017.9 million barrels per day last year.

The EIA predicts that global crude oil and liquid fuel production will increase by 1.89 million barrels per day in 2025, reaching 104.65 million barrels per day, compared to the previous forecast of an increase of 1.96 million barrels per day.

It is expected that the total global consumption of oil and liquid fuels will increase by 920,000 barrels per day in 2024, reaching 102.84 million barrels per day, compared to the previous forecast of an increase of 950,000 barrels per day.

It is expected that the total global consumption of oil and liquid fuels will increase by 1.42 million barrels per day in 2025, reaching 104.26 million barrels per day, compared to the previous forecast of an increase of 1.35 million barrels per day.

The EIA predicts that US crude oil production will increase by 270,000 barrels per day in 2024, reaching 13.2 million barrels per day, compared to the previous forecast of an increase of 280,000 barrels per day; In 2025, US crude oil production is expected to increase by 530,000 barrels per day, reaching 13.73 million barrels per day, compared to a previously predicted increase of 510,000 barrels per day.

The consumption of oil and other liquid fuels in the United States is expected to increase by 200,000 barrels per day to 20.4 million barrels per day in 2024, and 200,000 barrels per day to 20.6 million barrels per day in 2025, both consistent with previous estimates.

It is expected that some OPEC oil producing countries will continue to restrict oil production after the current voluntary production reduction agreement expires at the end of June.

EIA predicts that due to OPEC's reduction in production and ongoing geopolitical risks, Brent crude oil spot prices will remain around $90 per barrel for the remainder of 2024. With the recovery of global production, the spot price of Brent crude oil will average $85 per barrel in 2025.

The EIA predicts that from April to September, the average retail price of gasoline in the United States will approach $3.70 per gallon, similar to the same period last year.

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