Global Oil Output Rises 20,000 Bpd in December 2024 -IEA

Global Oil Output Rises 20,000 Bpd in December 2024 -IEA

Global oil supply increased by about 20,000 barrels per day (bpd) in December 2024 to reach 103.53 million bpd, up by 390,000 bpd from the previous year, according to the International Energy Agency’s (IEA) latest report on Wednesday.

According to the Oil Market Report, the Organization of the Petroleum Exporting Countries’ (OPEC) crude oil production increased to 27.43 million bpd last month, a rise of 220,000 bpd from the previous month.

The group’s total oil production reached approximately 33.06 million bpd, over the same period. Meanwhile, daily oil production in non-OPEC countries contracted by 220,000 bpd in December 2024, dropping to 70.47 million bpd.

‘Supply increases were led by Nigeria and Libya, which both posted multi-year monthly high production rates,’ the agency said.

According to the report, additions by OPEC+ more than offset non-OPEC+ declines, which fell by 240,000 bpd to 53.4 million bpd, mainly due to seasonal losses in Brazilian biofuels and lower US light tight oil production.

Global production in 2025 is projected to rise by a much higher 1.8 million bpd to 104.7 million bpd, even in the absence of OPEC+ unwinding its voluntary cuts.

IEA projects non-OPEC+ to account for 1.5 million bpd of this year’s output increase. ‘OPEC+ supplies rise by a relatively modest 290,000 bpd, largely from a combination of growing NGLs, condensate volumes and supplies from Libya not subject to quota constraints,’ IEA said.

According to the report, global oil demand is set to rise by 1.05 million bpd in 2025 to around 103.96 million bpd. Demand in OECD countries is expected to reach 45.68 million bpd, while non-OECD demand is anticipated to become 58.27 million bpd.

Growth will accelerate as economic outlook for developed economies gradually improves, while lower oil prices will also incentivise consumption, IEA explained. Global demand averaged around 102.9 million bpd in 2024, with a yearly growth of around 936,000 bpd.

IEA said that world oil demand recovered some momentum in the fourth quarter of 2024, following several lacklustre quarters, posting robust growth of 1.5 million bpd.

‘This was its strongest since the fourth quarter of 2023 and 260,000 bpd higher than our previous forecast,’ IEA said. # Global Oil Output Rises 20,000 Bpd in December 2024 -IEA FBN Holdings Records Huge Off-Market Shares Transactions