BAKU, Azerbaijan, November 10. Annual OPEC production is expected at average 28.9 million barrels per day (b/d) in 2023, which is an increase of 0.3 million b/d, compared to 2022, Trend reports via the US Energy Information Administration (EIA).
Meanwhile, on October 5, 2022, OPEC+ producers agreed to reduce crude oil production targets by 2 million b/d from their previously stated targets beginning in November 2022.
As the EIA explains, this announcement has had a mild effect on the overall forecast, due to the fact that OPEC+ producers have already been struggling to meet the previously stated production targets.
Thus, the EIA forecasts OPEC crude oil production to fall in November and December this year, while Saudi Arabia, Kuwait and the UAE will account for most of the OPEC cuts, leaving production projections for other OPEC members largely unchanged from estimates prior to the October 5 announcement.
“Total OPEC crude oil production in our forecast falls from an average of 29.2 million b/d in the third quarter of 2022 to 28.6 million b/d in the fourth quarter, largely unchanged from last month’s forecast,” the report said.
The EIA also noted that the majority of the cut among OPEC+ will come from Russia, with total liquids production drop from an average 10.9 million b/d in the third quarter of 2022 to 10.8 million b/d in the fourth quarter, before falling further to an average of 9.3 million b/d for all of 2023.
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