Oil rigs stand in the Loco Hills field on April 9, 2014, on in Eddy County near Artesia, NM, the US. (PHOTO / AP）

HOUSTON - Near-term global oil and liquids production growth will be driven primarily by the US, Guyana, Canada, and Brazil, offsetting voluntary production cuts by OPEC+, the US Energy Information Agency forecast on Thursday.

The boost to supply comes as the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, this month agreed to extend voluntary output cuts of 2.2 million barrels per day in a bid to boost prices.

In 2025, OPEC+ petroleum liquids production will climb by 900,000 bpd as production cuts expire, while non-OPEC+ output will grow by a further 1.1 million bpd, according to the EIA

Why it's important

Growth from non-OPEC+ producers could undermine efforts by OPEC+ to support the market amid concerns about global demand growth and increased supplies. The US, Canada, Brazil and Guyana account for more than 80 percent of global supply growth in the EIA's current forecast.

ALSO READ: OPEC+ members extend oil output cuts to second quarter

By the numbers

OPEC+ petroleum liquids production will fall by 1 million barrels per day (bpd) in 2024, while non-members' supply will grow 1.4 million bpd, led by the US, the EIA said.

In 2025, OPEC+ petroleum liquids production will climb by 900,000 bpd as production cuts expire, while non-OPEC+ output will grow by a further 1.1 million bpd, according to the EIA.

Global petroleum and liquids supply was 101.8 million bpd in 2023, and is expected to increase by 400,000 bpd in 2024 and 2 million bpd in 2025, the EIA said.

US oil production hit 13.3 million barrels per day in 2023, and is expected to grow by 400,000 bpd in 2024 and 800,000 bpd in 2025.