According to OPEC+ production cuts, the total production reduction was 2.96 million barrels per day, or approximately a 2.8% decrease in global supply. However, member countries did not fully implement these cuts. S&P Global Platts reports that OPEC+ crude oil production reached 41.21 million barrels per day in February, which is similar to the previous month's level. The 22-member OPEC+ alliance achieved a compliance rate of 97.8%, with a combined output of 175 thousand barrels per day. The largest overproducer was Iraq, which produced 4 million barrels per day in February despite having a quota of 4 million barrels. An OPEC report predicts that the growth in oil production will primarily come from the United States, Canada, Brazil, and Norway by 2024. According to International Energy Statistics, U.S. crude oil production increased by 6.5% annually and averaged 12.9 million barrels per day in 2023, accounting for 12.5% of global demand. The U.S.'s growth in crude oil production contributes to a decline in OPEC+'s market share, allowing them to further reduce production cuts. According to the Energy Information Administration (EIA), U.S. petroleum stocks reached 461 million barrels by the end of April and were well below the previous decade's seasonal average of 5 million barrels. This situation has led to a rise in petroleum prices due to supply shortages rather than an increase in demand. The International Energy Agency (IEA) predicts that oil production will reach a new peak at 103.8 million barrels per day, while demand will increase by 1.22 million barrels per day in 2024, reaching 103 million barrels per day. China, a non-OECD country, accounted for 80% of global petroleum consumption, making it the world's largest petroleum importer. According to Chinese customs data, China imported 11.3 million barrels of crude oil in 2023, an increase of 10% over the previous year. However, slowing economic growth and a shift towards renewable energy are expected to reduce China's demand and market share, with consumption predicted to fall by 43% in 2024 and 27% in 2025.
