OPEC keeps forecast for oil production outside organization

OPEC has maintained its forecast for the oil production outside the organization at 65.8 million barrels per day in 2022, and at 67.5 million barrels per day in 2023, Report informs referring to the September report of the organization.

The growth in the supply of liquid hydrocarbons in non-OPEC countries in 2022, with respect to the increase in processing, is projected at 2.1 million barrels per day, which will average 65.8 million barrels per day, virtually unchanged compared to the previous estimate, the report says.

In addition, non-OPEC liquids production growth is also reported to have remained broadly unchanged in 2023 and is expected to rise by 1.7 million barrels per day to average 67.5 million barrels per day.

According to OPEC estimates, the United States, Canada, China, Brazil and Guyana will see the strongest increase in oil production in 2022. However, in Thailand and Norway, production may, on the contrary, decrease. In 2023, the US, Norway, Brazil, Canada and Guyana will become the main growth drivers, while Russia and Azerbaijan are forecast to see decline.