Global oil production plummetes

By Alimat Aliyeva

According to the May report of the International Energy Agency (IEA), the volume of oil production in the world in April decreased by 200 thousand barrels per day (b/d), reaching the level of 102 million b/d, Azernews reports.

At the same time, IEA analysts still forecast an increase in global oil supplies this year by 580 thousand b/d, to a record 102.7 million b/d. This growth will be achieved through the efforts of non-OPEC+ countries such as the United States, Guyana, Canada and Brazil.

At the same time, the IEA revised its forecast for global oil demand growth in 2024, lowering it by 140 thousand b/d to 1.1 million b/d. This revision is related to weak indicators in the first quarter of this year.