BAKU, Azerbaijan, November 14. OECD Europe's liquids production is forecast to grow by 0.1 mb/d in 2023, averaging 3.6 mb/d, Trend reports.
As such, OPEC has revised down it forecast for the region's output by about 20,000 b/d.
Meanwhile, among the largest European producers, Norway is expected to grow by 0.1 mb/d, reflecting a downward revision of 12,000 b/d compared to the previous month's forecast, resulting in an average of 2 mb/d.
In September, Norwegian liquids production experienced a month-on-month decline of 0.2 mb/d, averaging 1.8 mb/d, attributed to unplanned shutdowns and equipment failures on several platforms. Norway's crude production also decreased by 145,000 b/d compared to the previous month, averaging 1.6 mb/d, with a marginal year-on-year increase of 5,000 b/d. The monthly oil production fell short by 4.7 percent compared to the Norwegian Petroleum Directorate's (NPD) forecast. Additionally, the production of natural gas liquids (NGLs) and condensate dropped by 65,000 b/d month-on-month, averaging 0.2 mb/d, according to NPD data.
Technical challenges, operational irregularities, and periodic shutdowns have been the primary factors contributing to declines in Norwegian production, OPEC noted.
Meanwhile, the projection for 2023 anticipates a nearly 60,000 b/d decline in UK liquids production, averaging 0.8 mb/d. This reflects a decrease of around 9,000 b/d compared to the previous month's assessment, primarily attributed to lower-than-expected output in September.
During September, UK liquids production experienced a month-on-month decline of 38,000 b/d, averaging 0.7 mb/d, the report added. Crude oil output specifically decreased by 43,000 b/d, compared to the previous month, averaging 0.5 mb/d, marking a year-on-year reduction of 43,000 b/d, as per official data. Meanwhile, NGL output saw a slight increase of 5,000 b/d, averaging 68,000 b/d. The overall UK liquids output in September registered a 6-percent decrease compared to September 2022, primarily attributed to natural declines and maintenance activities.