BAKU, Azerbaijan, April 14. Oil output from non-OPEC+ producers in 2023 is expected to increase by 1.9 mb/d on average to 49.8 mb/d, Trend reports citing the latest oil market outlook from the International Energy Agency (IEA).
"Non-OPEC+ oil output has been on a tear this year, rising 1.4 mb/d through the first quarter and clawing back most of the weather-related losses of last December. However, the expansion paused in March, falling 20,000 b/d month-on-month," the report said.
According to the report, growth in the US was levelled by Canada, while growth in Norway was countered by a decline in the UK, and supplies in Latin America fell, despite Brazil's near-record oil production, the country reduced deliveries, and Ecuador’s stocks decreased after March weather conditions.
The output in the US in 2023 is projected to grow by 990,000 b/d this year to total 18.8 mb/d, while Canadian production growth is forecast to stand at 10,000 b/d, lifting total volumes to 5.86 mb/d on average.
Brazilian oil production is expected at a new record high of 3.42 mb/d - up by 300,000 b/d year-on-year.
"UK supply jumped by 140,000 b/d month-on-month in February to 900,000 b/d after two months of losses. Production is projected to fall from February through June by 170,000 b/d, following seasonal trends. For the year, UK output should average 790,000 b/d, down 40,000 b/d from 2022. Data from the Norwegian Petroleum Directorate (NPD) show production in February inched up 10,000 b/d month-on-month to 2 mb/d. March volumes increased by 50,000 b/d as rising volumes from Johan Sverdrup offset slightly lower output from the Troll system. Supply in 2023 is expected to grow 100,000 b/d year-on-year to 2 mb/d," the report added.