MOSCOW, June 12 (Bernama-Sputnik) -- The International Energy Agency (IEA) has raised its forecast for global oil production in 2024 to 102.9 million barrels per day, according to its fresh report released on Wednesday.
Sputnik reported that in May, the IEA forecast the global oil production in 2024 at 102.7 million barrels per day. The June report expects that the oil output growth will increase by 200,000 barrels per day to 700,000 barrels per day.
Meanwhile, the reserves of the commercial oil and oil products of the Organisation for Economic Co-operation and Development (OECD) increased by 32.1 million barrels in April for the first time since October, added IEA in its report on Wednesday.
Preliminary data indicates a further increase in the reserves of 48.2 million barrels in May.
-- BERNAMA-SPUTNIK
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