In line with the U.S. Vitality Info Administration’s (EIA) newest brief time period vitality outlook (STEO), which was launched just lately, the world produced a mean of 76.10 million barrels of crude oil per day within the third quarter of 2024.
That compares to a mean of 76.19 million barrels per day within the second quarter, a mean of 76.70 million barrels per day within the first quarter, and a mean 76.57 million barrels per day general in 2023, the EIA’s November STEO confirmed.
The U.S. made up 13.27 million barrels per day of the third quarter complete, 13.23 million barrels per day of the second quarter complete, 12.94 million barrels per day of the primary quarter complete, and 12.93 million barrels per day of the 2023 complete, the STEO revealed.
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OPEC+ made up 35.66 million barrels per day of the third quarter complete, 35.75 million barrels per day of the second quarter complete, 36.30 million barrels per day of the primary quarter complete, and 37.08 million barrels per day of the 2023 complete, whereas non-OPEC+, excluding the U.S., contributed 27.16 million barrels per day of the third quarter complete, 27.21 million barrels per day of the second quarter complete, 27.46 million barrels per day of the primary quarter complete, and 26.55 million barrels per day of the 2023 complete, in response to the STEO.
Wanting forward, the EIA forecasts in its newest STEO that international crude oil manufacturing will common 77.04 million barrels per day within the fourth quarter of 2024, 76.51 million barrels per day general in 2024, and 78.28 million barrels per day general in 2025.
The U.S. is projected to contribute 13.47 million barrels per day of the fourth quarter complete, 13.23 million barrels per day of the general 2024 complete, and 13.53 million barrels per day of the general 2025 complete, the STEO confirmed.
The EIA expects OPEC+ to supply 35.41 million barrels per day of the fourth quarter complete, 35.78 million barrels per day of the general 2024 complete, and 36.37 million barrels per day of the general 2025 complete, in response to the STEO, which outlined that the group sees non-OPEC+, excluding the U.S., contributing 28.16 million barrels per day of the fourth quarter complete, 27.50 million barrels per day of the general 2024 complete, and 28.38 million barrels per day of the general 2025 complete.
In line with the EIA’s November STEO, surplus crude oil manufacturing capability stood at 4.35 million barrels per day within the third quarter of this yr, 4.34 million barrels per day within the second quarter, 4.29 million barrels per day within the first quarter, and three.67 million barrels per day general in 2023.
Surplus crude oil manufacturing capability is projected within the STEO to come back in at 4.48 million barrels per day within the fourth quarter of 2024, 4.37 million barrels per day general in 2024, and 4.18 million barrels per day general in 2025.
In its earlier STEO, which was launched in October, the EIA confirmed that international crude oil manufacturing averaged 76.22 million barrels per day within the third quarter of 2024.
This output averaged 76.17 million barrels per day within the second quarter, 76.69 million barrels per day within the first quarter, and 76.55 million barrels per day general in 2023, in response to the EIA’s October STEO.
That STEO forecast that international crude oil manufacturing would common 76.95 million barrels per day within the fourth quarter of this yr, 76.51 million barrels per day general in 2024, and 78.32 million barrels per day general in 2025.
Surplus crude oil manufacturing capability stood at 4.38 million barrels per day within the third quarter of this yr, the EIA’s October STEO confirmed. Its second quarter, first quarter, and general 2023 figures have been equivalent to these within the November STEO.
In its earlier STEO, the EIA projected that surplus crude oil manufacturing capability would are available at 4.41 million barrels per day within the fourth quarter of 2024, 4.36 million barrels per day general in 2024, and 4.03 million barrels per day general in 2025.
All surplus crude oil manufacturing capability highlighted above comes from OPEC, the STEOs confirmed.
In its STEOs, the EIA notes that variations within the reported historic manufacturing information throughout international locations might end in some inconsistencies within the delineation between crude oil and different liquid fuels. It additionally highlights that the OPEC+ complete includes OPEC members topic to OPEC+ agreements, plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, and Sudan.
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