OPEC raises forecast for oil production in US to 12.7M barrels per day

OPEC has raised its forecast for oil and condensate production in the US in 2023 by 40,000 barrels per day compared to the August estimate. Now it expects the indicator to increase by 0.8 million barrels per day, to 12.7 million barrels per day, Report informs referring to the organization’s September report.

In the previous report, OPEC predicted an increase of 0.75 million barrels per day, to 12.66 million barrels per day in 2023.

According to OPEC, the country’s oil production in 2022 amounted to 11.91 million barrels per day, while in 2024 it might reach 13.1 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 1.2 million barrels per day, to an average of 20.5 million barrels per day, which is 63,000 barrels per day more than the previous estimate.

It is noted that, despite the decrease in drilling activity since the beginning of this year, well productivity has improved.