NEW DELHI: The world oil production is projected to fall by 870 kb/d (thousand barrel per day) in the first quarter of 2024 compared to the fourth quarter of 2023 on account of heavy weather-related shut-ins and new curbs from OPEC+, according to the International Energy Agency (IEA) oil marketing report.
The report also noted that the global market is anticipated to face a deficit throughout the year. Additionally, OPEC+ voluntary cuts will remain in effect through 2024, adjusting the market balance from a surplus to a slight deficit.
