The oil market is bracing for a softer supply-demand balance, as highlighted in a recent report by BofA Global Research seen by RigZone. The report points to an uptick in non-OPEC+ oil production, particularly from Brazil, Guyana, Canada, and the United States, which is expected to grow by approximately one million barrels per day in 2024 and by 1.
6 million barrels per day in 2025. This increase comes as OPEC+ considers reintroducing additional barrels to the market later in the year, potentially adding to the surplus. At the same time, global…BofA: Uptick in non-OPEC+ Oil Supply May Create Market Surplus in 2025
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