OPEC raises estimate of oil production outside its members in 2023

OPEC has raised its estimate of oil production outside its members in 2023 by 190,000 barrels per day, and expects it to grow to 67.2 million barrels per day, Report informs, citing the organization.

The estimate of the indicator in the first quarter was increased by 350,000 barrels per day compared to the February estimate, to 67.07 million barrels per day, in the second - by 30,000, to 66.68 million. The forecast for the third quarter was increased by 200,000 barrels per day, up to 67.19 million barrels per day, and in the fourth - by 210,000, up to 67.86 million.

The United States, Brazil, Norway, Canada and Kazakhstan are forecast to be the biggest drivers of supply growth in 2023, with Russia expected to see the largest decline in production.