BAKU, Azerbaijan, September 16. A notable upswing in global liquid fuels production is expected in 2023, with an estimated increase of 1.2 mb/d.
As per data obtained by Trend from the US Energy Information Administration Agency (EIA), this increase is noteworthy, particularly in light of recent voluntary production cuts implemented by OPEC+.
Looking further ahead, the agency anticipates an even more substantial global production boost in 2024, with an estimated rise of 1.7 mb/d.
According to the EIA, the primary driving force behind this global production growth is non-OPEC production. In 2023, non-OPEC production is set to surge by a remarkable 2 mb/d, followed by a substantial 1.3 mb/d increase in 2024. Key contributors to this growth include countries like the US, Brazil, Canada, and Guyana, all of which are expected to significantly bolster their oil production.
Contrastingly, Russia's production trajectory is expected to exhibit a slight decline, with an anticipated decrease of 0.3 mb/d on average for the current year. However, it is expected to remain relatively stable in 2024, the agency noted.
As for OPEC, the EIA projects a decrease in crude oil production by 0.8 mb/d for 2023. However, in the subsequent year, 2024, the agency anticipates a reversal of this trend, with OPEC's production increasing by 0.4 million b/d.