BAKU, Azerbaijan, November 13. The forecast for OECD liquids production in 2023 indicates an expansion of 1.5 mb/d, averaging 32.4 mb/d, Trend reports.
Thus, OPEC has made an upward adjustment from the previous month's outlook, which is driven by higher growth expectations in OECD Americas, expected to grow by 1.4 mb/d to average 28.3 mb/d - revised up by approximately 40,000 b/d compared to the prior assessment.
In contrast, yearly liquids production in OECD Europe is expected to grow by 0.1 mb/d to average 3.6 mb/d, a decrease of about 20,000 b/d from the previous month. OECD Asia Pacific is anticipated to experience a decline of about 20,000 b/d year-on-year, averaging 0.5 mb/d.
Looking ahead to 2024, OECD liquid production is forecast to grow by 0.9 mb/d, averaging 33.3 mb/d, the bloc says.
As such, the growth will be spearheaded once again by OECD Americas, with an expected increase of 0.8 mb/d, averaging 29.1 mb/d. Yearly liquid production in OECD Europe is anticipated to grow by 0.1 mb/d, reaching an average of 3.8 mb/d, while OECD Asia Pacific is expected to decline by 13,000 b/d year-on-year, averaging 0.4 mb/d.