OPEC maintains its estimate for oil production growth outside organization in 2023

OPEC maintained its estimate of growth in oil production outside the organization in 2023, still expecting an increase in production by 1.8 million barrels per day compared to 2022, to an average of 67.6 million barrels per day, Report informs referring to the organization’s December report.

Non-OPEC oil production is projected to increase by 1.8 million barrels per day in 2023, virtually unchanged from the previous month’s growth estimate, reads the report.

Production this year is expected to average 67.6 million barrels per day.

The upward revision of the forecast in Latin America is offset by a downward forecast in India, the UK, as well as some Eurasian countries. The main growth drivers in 2023 will be the US, Brazil, Kazakhstan, Norway, Guyana, Mexico and China, OPEC also reports.

Non-OPEC oil production is projected to increase by 1.4 million barrels per day in 2024, to an average of 69 million barrels per day, the report says. The assessment remained virtually unchanged compared to November. It is clarified that the downward revision of production forecasts in Kazakhstan and Oman is offset by an increase in forecasts in some other countries.

The main drivers of growth in oil production outside the organization next year, as OPEC expects, will be the US, Canada, Guyana, Brazil, Norway and Kazakhstan. However, the largest declines are projected in Mexico and Malaysia.