US domestic production of uranium remained at historically low levels in 2023 and it is too early to tell if high prices and supply initiatives will be enough to encourage Western suppliers to expand production, the International Energy Agency said in its Global Critical Minerals Outlook 2024.

The agency said several governments have recently announced moves to reduce dependence on Russia.

In January 2023, the US Department of Energy announced awards to the conversion industry to develop its strategic uranium reserve. In April 2023, Canada, France, Japan, the UK and the US announced an agreement to support the stable supply of nuclear fuel and “undermine Russia’s grip” on nuclear fuel supply chains.