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OPEC+ to see further production drop in 2024, EIA says

Economy Materials 12 October 2023 16:52 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, October 12. OPEC+ crude oil production is anticipated to average 38.2 mb/d in 2023, marking a reduction of about 1.4 mb/d year-on-year, Trend reports.

According to the outlook from the US Energy Information Administration Agency (EIA), throughout the year, Russia, the largest non-OPEC producer within the group, and Saudi Arabia have consistently reduced their production. This has played a significant role in depleting global oil inventories and constraining the overall growth of global crude oil production in 2023.

Meanwhile, other OPEC+ members have faced challenges in maintaining their production at the agreed-upon targets, further constraining the global crude oil supply in 2023, the agency noted.

In particular, OPEC+ member oil output in 1Q2023 and 2Q2023 is estimated to have stood at 39.29 mb/d and 38.6 mb/d, respectively. However, in September, OPEC+ collectively produced 37.66 mb/d, which is an increase of almost 2 percent month-on-month, compared to August (36.93 mb/d), nevertheless, this figure still lags behind July production levels (37.41 mb/d).

As per EIA's estimates, crude output from OPEC+ is expected to decline even further to 37.8 mb/d in 2024.

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