BAKU, Azerbaijan, May 12. Non-OPEC liquids supply in 2023 is expected to increase by 1.4 million barrels per day (mb/d) year-on-year to average 67.2 mb/d, Trend reports via monthly oil outlook from OPEC.
"Non-OPEC liquids production in April, including OPEC NGLs, is estimated to have declined month-on-month by 0.3 mb/d to average 72.7 mb/d, but is up by 2.5 mb/d year-on-year. As a result, preliminary data indicates that April’s global oil supply decreased by 0.5 mb/d month-on-month to average 101.3 mb/d, up by 2.4 mb/d year-on-year," the report said.
According to the report, the forecast has remained unchanged from the previous month's assessment.
In particular, oil supply outside the bloc in 1Q2023 is expected to stand at 67.62 mb/d, in 2Q2023 - at 66.9 mb/d, in 3Q2023 - at 66.82 mb/d, and in 4Q2023 - at 67.44 mb/d.
"Minor downward revisions to Other Eurasia and some other countries were offset by upward revisions to liquids production in OECD Americas," the report said.
As OPEC expects, global oil supply growth in 2023 will be led by the US, Brazil, Norway, Canada, Kazakhstan and Guyana, while oil production is projected to decline primarily in Russia. However, there are still uncertainties related to US shale oil output potential and unplanned maintenance in 2023.