OPEC revises assessment of non-OPEC oil output in 2023 slightly upward

Non-OPEC liquids supply is expected to expand by 1.5 mb/d in 2023, a slight upward revision from the previous assessment.

Report informs, citing OPEC, that the total volume of production will be 67.3 mb/d.

The main drivers of liquids supply growth for 2023 are expected to be the US, Brazil, Norway, Kazakhstan, Guyana and China.

There remain uncertainties associated with US shale oil output potential and unplanned maintenance in 2023. For 2024, non-OPEC liquids production is projected to grow by 1.4 mb/d, unchanged from the previous assessment, the organization says.