OPEC lowers forecast for US oil production in 2023

OPEC has lowered its forecast for US oil production in 2023 by 0.03 million barrels per day compared to the previous estimate, to 12.62 million barrels per day, Report informs referring to the organization’s February report.

In a previous January report, OPEC forecast growth in 2023 by 0.78 million barrels per day compared to 2022, to 12.65 million barrels per day.

According to OPEC, oil production in the country in 2021 amounted to 11.25 million barrels, and in 2022 to 11.87 million barrels per day.

It is also predicted that the production of liquid hydrocarbons in the country this year will increase in annual terms by 1.1 million barrels per day, to an average of 20.1 million barrels per day, which is 50,000 barrels per day less than the previous estimate.

The organization attributes the downturn in forecasts to less activity in US oil exploration and production in the previous few weeks. More active drilling and fewer problems with supply chains and logistics are expected in 2023 in the Permian, Eagle Ford and Bakken shale areas.