OPEC raised its forecast for oil production outside the organization in 2023 – Kommersant

Oil production by non-OPEC countries may increase by 1.8 million barrels per day in 2023, according to report organizations. The forecast for growth in oil production outside the organization in 2024 was kept at the same level – by 1.4 million bpd. At the same time, according to forecasts, the United States will make a significant contribution to the growth of the indicator.

According to OPEC, the United States increased oil production to record levels in August, slightly exceeding the previous high of 13 million bpd. The total production of liquid hydrocarbons in August increased to approximately 21.2 million tons. The increase in oil production outside the organization, OPEC notes, will also be achieved through Brazil, Kazakhstan, Norway, Guyana, Mexico and China.

In 2024, oil production growth by 1.4 million bpd among non-OPEC countries is expected due to the USA, Canada, Guyana, Brazil, Norway and Kazakhstan. At the same time, the largest decline in the indicator is expected in Mexico and Malaysia. The forecast for the production of liquid hydrocarbons outside OPEC was increased by 100 thousand bpd.

OPEC has improved its forecast for global oil demand growth in 2023: by 2.46 million b/d to 102.1 million b/d. The forecast for growth in 2024 by 2.25 million b/d, to 104.3 million b/d, has not changed. The organization also raised its forecast for liquid hydrocarbon production in Russia in 2023 by 80 thousand b/d, and in 2024 by 100 thousand b/d. The forecast takes into account Russia’s voluntary reduction in oil production.

Read more about the Russian oil market in the Kommersant article. “The tankers were rumbling at sea”.

Lusine Balasyan