OPEC cuts its forecast for the growth of oil production of countries outside the organization in 2023
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OPEC has lowered its forecast for the supply of liquid hydrocarbons (oil and gas condensate) from non-OPEC countries by 150,000 barrels per day in 2023, to 67.01 million barrels per day, follows from the February report of the organization.
The organization also lowered its estimate of oil and gas condensate production in Russia by 50,000 barrels per day to 10.13 million barrels per day. The forecast for US production is lowered by 50,000 barrels per day, to 20.14 million barrels per day.
For 2023, non-OPEC liquids production growth decreased by 0.1 million bbl/d compared to the previous month from 1.55 million bbl/d to 1.44 bbl/d.
It is expected that the countries outside OPEC with the largest volumes of oil production growth in 2023 will be the United States, Norway, Brazil, Canada, Kazakhstan and Guyana. Decrease in production is predicted in Russia and Mexico.
In December 2022, OPEC analysts expected that in 2023 oil and gas condensate production in Russia would decrease by 0.85 million barrels per day and amount to 10.1 million barrels per day. They also noted a “high degree of uncertainty” in the country’s oil production forecasts.
February 10, Deputy Prime Minister Alexander Novak informedthat Russia will voluntarily cut oil production by 500,000 barrels a day. He noted that such a measure would “contribute to the restoration of market relations.” Novak added that further decisions will depend on the market situation.
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