BAKU, Azerbaijan, November 14. The US, Canada, Guyana, China and Brazil are expected to be the main contributors to the oil supply growth in the world in 2022, Trend reports via monthly oil outlook from OPEC.
At the same time, the largest drop in oil supply is still expected from Norway and Thailand - unchanged, compared to the October outlook.
Non-OPEC liquids supply in 2022 (including processing gains) is projected to increase by 1.9 million barrels per day (mb/d) to an average of 65.6 mb/d. The forecast for non-OPEC has been slightly revised down by 30,000 b/d.
“Upward revisions to liquids production in Latin America and Russia were more than offset by downward revisions to Other Eurasia, OECD Europe and Other Asia,” the report added.
However, there is still considerable uncertainty about Russia’s oil output in the fourth quarter of 2022, OPEC noted.
As of the US outlook, drilling and completion activities have expanded, while movement is no longer restricted to major areas. However, supply chain problems and higher costs associated with inflation remain a challenge to demand for equipment and services.
“Although higher crude oil production was broadly offset by lower non-crude oil output in August, US liquids production is expected to rise at a slow and steady rate in the coming months. Accordingly, the US liquids supply growth forecast for 2022 is unchanged at 1.1 mb/d,” the report added.
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