BAKU, Azerbaijan, February 17. The output from non-OPEC+ countries in 2023 is expected to increase by 1.8 million barrels per day (mb/d) to an average of 49.8 mb/d, Trend reports citing the latest oil market outlook from the International Energy Agency (IEA).
According to the agency, through 2023 the supply will grow further to reach 50.3 mb/d by year-end.
Meanwhile, the output from the US (19 mb/d), Canada (5.9 mb/d), Brazil (3.4 mb/d), Guyana (380,000 b/d) and global biofuels (3.1 mb/d) will reach record-high, the IEA pointed out, adding that the US and Brazil will account for almost 70 percent of profits, with Norway, Canada, and Guyana also contributing significantly.
The agency also added that the production in non-OPEC+ countries rose by 150,000 b/d month-on-month in January to 48.4 mb/d as Canada and the US recovered from severe winter weather, while seasonal effects in biofuel production and China almost offset each other.
As of the US's total oil supply, it is forecast to increase by 960,000 b/d in 2023 to average 19 mb/d.
"In November, the latest month for which official data from the US Energy Information Administration (EIA) are available, total oil supply fell by 80,000 b/d, with NGLs accounting for 50,000 b/d of the drop. Crude eased by 30,000 b/d while non-conventional (other hydrocarbons/oxygenates except ethanol) supplies increased by 10,000 b/d," the agency added.