will extend the existing voluntary production cuts through the second quarter of 2024. We now forecast significantly less global oil production than world oil consumption through the first half of 2024, requiring draws on world petroleum stocks . Stock draws tend to increase oil prices.
We reduced our forecast for world oil production in the second quarter of 2024 to 101.3 million barrels per day in the March STEO in response to OPEC+ extending its cuts. That results in global oil production that is 0.9 million b/d less than our forecast of 102.2 million b/d for world oil consumption. Although we expected some OPEC+ countries to continue to restrict production, we expect the March 3 announcement to result in larger cuts to production than we had previously assumed.
The draw on global oil stocks during 2024 will keep Brent crude oil prices elevated, averaging $88/b in 2Q24, $4/b higher than we had forecast in the February STEO. Prices will remain relatively flat for the rest of the year before falling to $82/b by the end of 2025 as OPEC+ supply cuts expire and production increases.No crude oil or product tankers have been lost because of the ongoing attacks on commercial shipping in the Red Sea, but many ships areto avoid the area.
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