Oil production outside OPEC to decrease by 24,000 bpd

OPEC slightly lowered the forecast for oil production outside the organization for 2022 - by 24,000 barrels per day. At the same time, the production volume at the end of the year is still estimated at an average of 65.6 million barrels per day, and at 67.1 million barrels per day for 2023. The forecast for next year is almost the same as last month's estimate, Report informs, citing the organization's November update.

The non-OPEC liquids supply forecast for 2022 has been revised down slightly by 24,000 bpd to an average of 65.6 million bpd. Growth compared to last year will average 1.9 million barrels per day, which is 30,000 barrels per day less than forecast in the previous month.

According to OPEC, oil production in the United States, Canada, China, Brazil and Guyana will peak in 2022, while in Thailand and Norway, production may drop. In 2023, growth will be mainly provided by the United States, Norway, Brazil, Canada, Kazakhstan and Guyana, while Russia and Mexico are expected to show a decline in figures.