BAKU, Azerbaijan, August 13. OECD liquids production in 2022 is forecast at 30.9 million barrels per day, which is an increase by 1.4 million barrels per day year-on-year, Trend reports, citing the latest oil market update from OPEC.
“This has been revised down by 0.2 million barrels per day, compared to a month earlier, on the back of downward revisions for the US and OECD Europe,” the report said.
According to OPEC, the expectations for OECD America's oil production was revised down by 0.14 million barrels per day, compared to the last month’s forecast. Based on these revisions, OECD Americas is forecast to grow by 1.4 million barrels per day to average 26.6 million barrels per day.
“Oil production in OECD Europe is anticipated to decline slightly year-on-year by 24,000 barrels per day to average 3.7 million barrels per day, while OECD Asia Pacific is projected to grow year-on-year by 14,000 barrels per day to average 0.5 million barrels per day,” the report said.
Meanwhile, as OPEC expects, oil production in the OECD in 2023 is likely to increase by 1.6 million barrels per day to average of 32.4 million barrels per day.
Namely, oil production from OECD Americas is expected at 27.9 million barrels per day (1.3 million barrels per day growth).
“Yearly liquids production in OECD Europe is anticipated to grow by 0.2 million barrels per day to average 4.0 million barrels per day, while OECD Asia Pacific is expected to decline by 15,000 barrels per day year-on-year to average 0.5 million barrels per day,” the report added.
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