BAKU, Azerbaijan, March 17. In February, non-OPEC+ production bounced back by 270,000 b/d, compared to the previous month, reaching 52.1 mb/d, Trend reports.
According to the International Energy Agency (IEA), this increase was mainly due to Canada and the United States recovering from the Arctic freeze experienced in the prior month. These two countries contributed 360,000 b/d to the monthly rise, while Norway and Argentina saw smaller increases of 30,000 b/d and 20,000 b/d, respectively.
Meanwhile, Brazil's output decreased for the third consecutive month, dropping by 40,000 b/d in February and standing 200,000 b/d lower than the record high seen in November 2023.
Throughout 2023, non-OPEC+ supply grew by 2.4 mb/d to reach 51.4 mb/d, with the US accounting for 65 percent of this increase. Canada, Brazil, and Guyana together contributed 20 percent to the growth in output.
Looking ahead, a similar trend is expected this year, the IEA says, with these four major countries in the Americas driving 85 percent of the projected 1.6 mb/d growth in non-OPEC+ production, pushing output to 53 mb/d.