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EIA updates on OPEC's liquids output prospects in 2023

Economy Materials 10 August 2023 04:00 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, August 9. The US Energy Information Administration (EIA) expects OPEC’s liquids output in 2023 to stand at 33.47 mb/d, Trend reports.

In particular, OPEC's liquids output is estimated to have stood at 33.95 mb/d in 1Q2023 and 33.71 mb/d in 2Q2023. According to EIA's estimations, OPEC's production in 3Q2023 and 4Q2023 are expected to amount to 32.91 mb/d and 33.33 mb/d, respectively.

At the same time, the agency expects oil output from the bloc to grow by 0.45 mb/d in 2024 to stand at 33.96 mb/d. OPEC crude oil production is expected to grow in 2024 by an average of 0.6 mb/d.

The EIA also predicts that global liquid fuel production will increase by 1.4 mb/d in 2023 due to strong growth from non-OPEC producers and despite a decline in production from OPEC and Russia.

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