BAKU, Azerbaijan, August 15. The non-OPEC oil supply year-on-year growth forecast for 2022 remained broadly unchanged, compared to the previous assessment - at 2.1 million barrels per day to an average of 65.8 million barrels per day, Trend reports, citing the latest oil market update from OPEC.
“Upward revisions to Russia’s oil production were offset by downward revisions to the US, Norway and Kazakhstan. Significant uncertainty regarding Russia’s liquids production in the forecast period remains,” the report said.
According to the forecast, the main drivers of liquids supply growth for 2022 are expected to be the US, Canada, Brazil, China and Guyana, while production is expected to drop mostly in Indonesia and Thailand.
As of the forecast for 2023, OPEC expects non-OPEC liquids production growth to increase by 1.7 million barrels per day to an average of 67.5 million barrels per day (including 70,000 barrels per day in processing gains).
“For 2023, the key drivers of non-OPEC supply growth are forecast to be the US, Norway, Brazil, Canada and Guyana,” OPEC noted.
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