World oil supply is forecast to rise to a new high of 103.5 mln barrels per day in 2024, fueled by record-setting output from the US, Brazil, Guyana and Canada, the IEA (International Energy Agency) said in its January Oil Market Report.
Non-OPEC+ production will dominate growth this year, accounting for close to 1.5 mln barrels per day, the agency said.
OPEC+ supply is expected to hold broadly steady on last year, assuming extra voluntary cuts that started this month are phased out gradually in 2Q24."While OPEC+ supply management policies may tip the oil market into a small deficit at the start of the year, strong growth from non-OPEC+ producers could lead to a substantial surplus if the OPEC+ group's extra voluntary cuts are unwound in 2Q24," the agency's experts said.
Global oil supply is expected to decline in January as a blast of cold weather sweeping through the United States and Canada takes a toll on oil operations, the IEA stressed.