BAKU, Azerbaijan, January 18. Non-OPEC liquids supply in 2023 is forecast to grow by 1.5 million barrels per day (mb/d) to average 67.2 mb/d, which is broadly unchanged, compared to the last estimations, Trend reports via monthly oil outlook from OPEC.
"The liquids supply in OECD countries is forecast to increase by 1.6 mb/d, while the non-OECD region is expected to show a decline of 0.2 mb/d," the report said.
"For 2023, oil production in the OECD is forecast to grow by 1.6 mb/d to average 32.4 mb/d. Growth is led by OECD Americas with 1.3 mb/d to average 28.0 mb/d. Yearly liquids production in OECD Europe is anticipated to grow by 0.3 mb/d to average 3.9 mb/d, while OECD Asia Pacific is expected to remain broadly unchanged to average 0.5 mb/d," the report noted.
Thus, the main growth drivers are expected to be the US, Norway, Brazil, Canada, Kazakhstan and Guyana, whereas oil production is forecast to see declines in Russia and Mexico, the outlook said.
At the same time, oil production is forecast to see declines in Russia and Mexico, the report noted.
"Nonetheless, large uncertainties remain over the impact of ongoing geopolitical developments in Eastern Europe, and US shale output prospects in 2023," OPEC added.
Meanwhile, Global oil demand growth forecast for 2023 is expected to stand at 2.2 million barrels per day (mb/d). Thus, the total world oil consumption in 2023 stands at 101.8 mb/d (99.6 mb/d in 2022).