BAKU, Azerbaijan, November 13. Anticipated growth in non-OPEC liquids production for 2023 is projected at 1.8 mb/d year-on-year, reaching 67.6 mb/d, Trend reports.
According to OPEC, positive revisions to forecasts for Russia, the US, and Brazil outweigh downward revisions to OECD Europe and Other Asia.
Meanwhile, the forecast for non-OPEC liquids production in 2023 indicates an expansion of 1.8 mb/d, showing a 0.1 mb/d increase from the previous month's growth assessment. This upward adjustment is primarily attributed to revisions in Russia and the US.
Meanwhile, the overall OECD supply growth for 2023 has been revised upward, with OECD Europe experiencing a downward adjustment due to Norway and the UK, while OECD Americas sees an upward revision, primarily driven by the US. The output growth expectation for OECD Asia Pacific remains unchanged.
The projection for non-OECD supply growth in 2023 has been increased by approximately 85 tb/d, now anticipating a year-on-year growth of 0.3 mb/d. Latin America is poised to be the primary growth driver in the non-OECD region, followed by Other Eurasia and China.
Beyond the US, key contributors to growth in 2023 include Brazil, Norway, Kazakhstan, Guyana, and China. However, uncertainties persist due to potential weather-related disruptions and unplanned offshore maintenance for the remainder of the year, the bloc noted in its report.