BAKU, Azerbaijan, May 16. OPEC+ oil production by 2023-end is expected to decrease by 850,000 b/d, Trend reports citing the latest oil market outlook from the International Energy Agency (IEA).
This forecast has been revised up by 550,000 b/d, compared to the previous month's assessment.
According to the report, the output from the bloc in April 2023 decreased by 290,000 b/d to 43.94 mb/d, due to drop in supply of 500,000 b/d from Iraq and Nigeria. However, Angola's recovery from maintenance and increased flows in other regions helped partially offset the decline.
"Supply from OPEC countries declined by 310,000 b/d to 28.85 mb/d, while volumes from non-OPEC nations inched up 20,000 b/d to 15.09 mb/d. Production from the 19 members subject to quotas tumbled by 400,000 b/d to 37.6 mb/d in April. That left the bloc’s effective spare capacity, excluding volumes of crude oil shut in by sanctions in Iran and Russia, at 4.1 mb/d with Saudi Arabia and the UAE holding roughly 60 percent of it," the report said.
As the IEA expects, this month, the bloc's output is anticipated to plummet due to voluntary production adjustments undertaken by Saudi Arabia and neighboring countries. These adjustments are scheduled to continue until the end of 2023.
"Saudi Arabia has vowed to cut 500,000 b/d, Iraq 211,000 b/d, the UAE 144,000 b/d, Kuwait 128,000 b/d and Oman 40,000 b/d. Outside of the Middle East, Kazakhstan has pledged to curb a further 78,000 b/d, Algeria 48,000 b/d and Gabon 8,000 b/d. Russia will extend its previously announced 500,000 b/d reduction," the report added.