BAKU, Azerbaijan, June 14. Oil production in the OECD region is projected to further expand by 1.5 mb/d in 2023, Trend reports.
Looking ahead to 2023, the region's oil production level is forecast to average 32.4 mb/d, OPEC expects. At the same time, the bloc noted that this forecast has been slightly revised upwards by 6,000 b/d, primarily due to changes in the OECD Americas.
The growth in oil production is expected to be driven by the OECD Americas, with an anticipated increase of 1.3 mb/d, averaging 28.1 mb/d. This revision represents a 14,000 b/d upward adjustment from the previous month's assessment, mainly due to higher expected growth in the US and Mexico.
In OECD Europe, yearly liquids production is forecast to grow by 0.2 mb/d, averaging 3.8 mb/d, which is a minor decrease of 8,000 b/d, compared to the previous month. OECD Asia Pacific is expected to see little change, remaining at an average of 0.5 mb/d.
Meanwhile, in 2022, OPEC estimates that OECD liquids production increased by 1.1 mb/d year-on-year, reaching an average of 30.9 mb/d. This assessment remains largely unchanged from the previous month.