BAKU, Azerbaijan, April 1. In 2023, non-OPEC liquids production is expected to increase by 2.5 mb/d, reaching a total of 69.5 mb/d compared to the previous year, Trend reports.
According to the outlook released by OPEC, Canada, Brazil, and the US are predicted to produce more, balancing out the overall growth. The Organization for Economic Co-operation and Development (OECD) forecasts higher supply growth for 2023, with OECD Europe seeing an increase due to the UK, and OECD Americas experiencing growth thanks to Canada and the US.
Output growth in OECD Asia Pacific remains unchanged, the bloc noted. Non-OECD countries are expected to see a year-on-year supply growth of 0.6 mb/d in 2023, led by Latin America, followed by China and Other Eurasian countries.
Looking ahead to 2024, the forecast for non-OPEC liquids production growth is slightly lower at 1.1 mb/d compared to OPEC's previous estimates.
Meanwhile, the forecast for non-OPEC liquids production growth in 2025 is now up by 0.1 mb/d compared to last month's estimate, reaching 1.4 mb/d.
The bloc noted that these adjustments consider additional voluntary production changes announced by some countries in the Declaration of Cooperation for the second quarter and the remainder of 2024.