OPEC raises its forecast for US oil production in 2023

OPEC has raised its forecast for oil and condensate production in the US in 2023 by 20,000 barrels per day compared to the October estimate, and now expects an increase of 0.85 million bpd, to 12.76 million, Report informs referring to the organization’s November report.

In the previous report, OPEC predicted growth in 2023 by 0.83 million bpd, to 12.75 million bpd.

According to OPEC, oil production in the country in 2022 amounted to 11.91 million bpd, while in 2024 it may reach 13.1 million bpd.

It is also predicted that the production of liquid hydrocarbons in the country this year will increase in annual terms by 1.3 million bpd, to an average of 20.6 million bpd, which generally coincides with the previous estimate.

Despite the decrease in drilling activity since the beginning of this year, well productivity and operational efficiency have been increased. Major shale fields are expected to experience fewer supply chain and logistics issues for the rest of the year.