Global Oil Production Plummetes

(MENAFN- AzerNews) By Alimat Aliyeva

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

At the same time, IEA analysts still forecast an increase inglobal oil supplies this year by 580 thousand b/d, to a record102.7 million b/d. This growth will be achieved through the effortsof non-OPEC+ countries such as the United States, Guyana, Canadaand Brazil.

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



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