BAKU, Azerbaijan, March 17. Oil production among the OECD countries in 2023 is expected to increase by 1.4 million barrels per day (mb/d) to an average of 32.3 mb/d, Trend reports via monthly oil outlook from OPEC.
According to the outlook, the growth is forecast to be driven by OECD Americas with an increase of 1.2 mb/d to an average of 28.1 mb/d. OECD Europe's year-on-year production is expected to grow by 0.2 mb/d to average 3.8 mb/d. Supply in the OECD Asia Pacific is anticipated to remain broadly unchanged to average 0.5 mb/d.
"OECD liquids production in 2022 is estimated to have increased year-on-year by 1.1 mb/d to average 30.9 mb/d. This is revised down by 43,000 b/d compared with a month earlier, with some downward revisions for OECD Europe and OECD Americas, mainly due to biofuel historical adjustments," the report said.
Meanwhile, the forecast for production growth in OECD Americas in 2022 was revised down month-on-month by 18,000 b/d, to 1.4 mb/d, to average 26.8 mb/d.
"In 2022, OECD Europe and OECD Asia Pacific are estimated to decline year-on-year by 0.2 mb/d to average 3.6 mb/d, and by 32,000 b/d year-on-year to average 0.5 mb/d, respectively," OPEC added.