OPEC raises its estimate for oil production growth outside organization

OPEC has raised its estimate of growth in oil production outside the organization in 2023 by 100,000 barrels per day, and now expects 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 November report.

The organization relates the revision of the forecast to a decrease in the indicator for European OECD countries and India, which is offset by an increase in the indicator, including for the US and Brazil.

A month earlier, OPEC predicted an increase in oil production outside the organization in 2023 by 1.7 million barrels, to 67.5 million barrels per day.

The US, Brazil, Norway, Kazakhstan, Guyana and China are expected to be the main growth drivers in 2023. However, OPEC points to continued uncertainty related to weather conditions and unscheduled offshore maintenance work throughout the remainder of the year.