BAKU, Azerbaijan, July 13. Global liquid fuels production is set to rise by 1.2 million b/d in 2023, Trend reports.
According to the US Energy Information Administration (EIA), this growth will be driven mainly by non-OPEC producers such as the US, Norway, Canada, Brazil, and Guyana.
The agency noted that this growth compensates for the decline in production from Russia and OPEC.
Thus, Russia's production is expected to decrease by an average of 0.2 mb/d to 0.3 mb/d this year.
Additionally, the EIA anticipates a 0.6 mb/d decline in total OPEC liquid fuels production in 2023 due to extended production cuts announced by OPEC+ and voluntary cuts by Saudi Arabia, which recently extended these cuts through August.
Looking ahead, global liquid fuels production is projected to increase by an additional 1.5 million b/d in 2024, primarily driven by growth in OPEC production. Consequently, the EIA forecasts a total increase of 0.5 million b/d in OPEC liquid fuels production for 2024.