BAKU, Azerbaijan, May 13. OECD supply growth in 2023 is expected to increase by 1.5 mb/d to average 32.4 mb/d, Trend reports via monthly oil outlook from OPEC.
"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 primarily unchanged compared with a month earlier," the report said.
According to the report, the forecast has been revised up by 29,000 b/d, compared to the last month's assessment, mostly because changes in forecast for OECD Americas.
"Growth is expected to be led by OECD Americas, which will expand by 1.2 mb/d to average 28.1 mb/d. This was revised up by 36,000 b/d compared with last month's assessment, due to higher expected growth in Mexico," OPEC said.
Of this, output in the US is forecast to grow by over 1mb/d to an average of 20.24 mb/d.
As the report noted, OECD Europe's liquids output is projected to expand by 0.2 mb/d to average 3.8 mb/d, mostly unchanged from previous month's outlook.
Furthermore, oil production in OECD Asia Pacific is expected to remain largely unchanged to average 0.5 mb/d.