Global crude oil production is projected to increase in 2024, according to the US Energy Information Administration’s (EIA) Short-Term Energy Outlook. The report forecasts total global fuel production, including refined products, to average 106 million barrels per day, up by 100,000 barrels from earlier estimates. Global consumption is expected to reach 104.1 million barrels daily. Due to higher supply, global oil inventories are likely to continue rising through 2026, reaching 31.8 billion barrels by the end of that year. The EIA anticipates the average Brent crude price to fall to $68.76 per barrel in 2024, down from $80.56 last year, while West Texas Intermediate (WTI) may average $65.15 per barrel. US crude output is forecast to reach a record 13.59 million barrels per day this year before slightly declining in 2025 and 2026. Analysts note that the EIA’s monthly forecasts show only minor adjustments but maintain expectations of a supply surplus through next year.