BAKU, Azerbaijan, May 12. US liquids output (excluding processing gain) in 2023 is expected to increase by 1 mb/d to an average of 20.2 mb/d, Trend reports via monthly oil outlook from OPEC.
According to the report, the forecast has been left unchanged from the previous month's assessment.
"Higher-than-expected output anticipated in the first quarter was compensated by a lower forecast for the rest of the year. Better drilling activity and fewer supply chain/logistical issues in the prolific Permian, Eagle Ford and Bakken shale sites are still assumed for the rest of 2023," the report said.
As OPEC noted, due to acceptable oil drilling and well completions, US crude oil output in 2023 is anticipated to increase by 0.7 mb/d year-on-year to average 12.6 mb/d, while average tight crude output is expected at 8.6 mb/d - up by 0.7 mb/d year-on-year.
Meanwhile, US liquids production in 2022 (excluding processing gain) is estimated to have expanded by 1.2 mb/d year-on-year to average 19.2 mb/d - broadly unchanged from the previous forecast.
"Tight crude is assessed to have grown by 0.5 mb/d in 2022 to average 7.9 mb/d. In addition, NGLs (mainly from unconventional basins) are estimated to have grown by 0.5 mb/d to average 5.9 mb/d, and production in the Gulf of Mexico (GoM) is estimated to have increased by a minor 36,000 b/d. Non-conventional liquids and crude from conventional reservoirs are assessed to have expanded by 76 tb/d to average 1.4 mb/d and by 59,000 b/d to average 2.3 mb/d, respectively," the report said.
Thus, US crude oil and condensate output is estimated to grow by 0.6 mb/d year-on-year to average 11.9 mb/d in 2022, OPEC noted.