OPEC lowers forecast for oil production outside organization in 2023

OPEC has lowered its forecast for oil production outside the organization in 2023 by 100,000 barrels per day, expecting its growth to 67 million barrels per day compared to 2022, Report informs referring to the organization’s February report.

Growth in non-OPEC liquids production in 2023 is projected at 1.4 million barrels per day, to an average level of 67 million barrels per day, which is 0.1 million barrels per day lower than was estimated last month, due to lower expected production in Russia and the US, according to the report.

Production outside the organization in January compared to the previous month increased by 0.7 million barrels per day and averaged 72.8 million barrels per day, which is 2.5 million barrels per day more compared to the previous year.

In 2023, growth will be mainly provided by the US, Norway, Brazil, Canada, Kazakhstan and Guyana, while in Russia and Mexico the growth is forecast to decline.

However, there are significant uncertainties related to the impact of current geopolitical developments in Eastern Europe and the prospects for US shale oil production in 2023, the report notes.

OPEC also slightly revised its estimate for oil production in 2022 in countries outside the organization, reducing it by 48,000 barrels per day, to an average of 65.6 million barrels per day.