Non-OPEC oil production growth expected to reach 1.5M barrels in 2023

For 2023, non-OPEC liquids production growth remains unchanged from last month’s assessment at 1.5 mb/d, Report informs referring to the organization’s January report.

The main drivers of liquids supply growth are expected to be the US, Norway, Brazil, Canada, Kazakhstan and Guyana, while declines are forecast in Russia and Mexico.

Non-OPEC liquids supply is estimated to expand by 1.9 mb/d in 2022, unchanged from last month’s assessment. Non-OPEC liquids production in December, including OPEC NGLs, is estimated to have increased m-o-m by 0.2 mb/d to average 72.8 mb/d, up by 2.8 mb/d y-o-y. Upward revisions to liquids production in Russia and OECD Americas were largely offset by downward revisions to OECD Europe and OECD Asia Pacific.

The main drivers of liquids supply growth for 2022 are expected to be the US, Russia, Canada, Guyana, China and Brazil, while production is expected to see the largest declines in Norway and Thailand.