BAKU, Azerbaijan, April 12. The US Energy Information Administration (EIA) has reduced its forecast for OPEC’s crude oil production from the second quarter of 2023 through the fourth quarter by around 0.5 mb/d, Trend reports via EIA.
"We now expect OPEC’s crude oil production will fall by an average 0.4 mb/d this year compared with last year," the report said.
EIA reminded that, on April 3, the bloc and OPEC+ announced plans to cut crude oil production by 1.2 mb/d through the end of 2023.
"In March, OPEC produced less than its previous targets, and in our March STEO [Short-term Energy Outlook], we had assumed that OPEC production would fall further below the prior production targets in the coming month," the report said.
At the same time, EIA expects OPEC crude oil output to rise by 0.9 mb/d in 2024 when current production cuts expire at the end of 2023.
Meanwhile, EIA forecasts world oil and liquid fuels production to average 101.3 mb/d in 2023, which is an increase of 1.5 mb/d year-on-year.
"Although our forecast includes declining production in OPEC and Russia, we expect global liquids fuel production will increase by 1.5 mb/d in 2023 because of strong growth from non-OPEC countries, which (excluding Russia) increase by 2.3 mb/d in our forecast. Non-OPEC production growth is largely driven by countries in North and South America," the report added.