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…
