BAKU, Azerbaijan, September 19. In 2023, the OPEC+ alliance displayed restraint, while non-OPEC+ producers witnessed significant growth.
According to the data obtained by Trend from the International Energy Agency (IEA), from January through August 2023, non-OPEC+ countries increased their supply by 1.9 mb/d, with the US alone contributing nearly 800,000 b/d.
The IEA pointed out that August alone also marked another record-breaking month for non-OPEC+ production, reaching 50.5 mb/d, representing a 170,000 b/d month-on-month increase.
However, this peak may be short-lived, as non-OPEC+ supply is expected to decline by approximately 500,000 b/d between August and the year's end due to stagnation in US production and a seasonal drop in biofuels, the agency noted.
Overall, non-OPEC+ oil production for the entire year is projected to grow by approximately 2 mb/d, with the US accounting for roughly 60 percent of this increase, the IEA says.
Meanwhile, global oil production for this year is expected to increase by 1.5 mb/d, reaching a historic high of 101.6 mb/d. In 2024, global oil supply is projected to expand by approximately 1.7 mb/d.