BAKU, Azerbaijan, April 1. In 2023, US liquids production, excluding processing gains, increased by 1.6 mb/d compared to the previous year, reaching an average of 20.9 mb/d, OPEC says, Trend reports.
The bloc's outlook reveals that the country's crude oil and condensate output is expected to have increased by 1 mb/d year-on-year, averaging 12.9 mb/d last year.
Tight crude output is estimated to hit 8.3 mb/d, up by 0.5 mb/d compared to 2022. Additionally, NGL production and nonconventional liquids, like ethanol, are anticipated to grow by 0.5 mb/d and 0.1 mb/d year-on-year, averaging 6.4 mb/d and 1.5 mb/d, respectively.
Looking ahead to 2024, US liquids production, excluding processing gains, is forecasted to grow by 0.5 mb/d year-on-year, reaching an average of 21.4 mb/d, unchanged from OPEC's previous estimates. This projection assumes a moderate level of drilling activity and fewer supply chain and logistical issues at prominent shale sites such as Permian, Bakken, and Eagle Ford.
In 2024, crude oil and condensate output are projected to rise by 0.3 mb/d compared to the previous year, reaching an average of 13.2 mb/d. Meanwhile, NGL production and non-conventional liquids, especially ethanol, are expected to increase by 0.2 mb/d and 30,000 b/d year-on-year, averaging 6.6 mb/d and 1.6 mb/d, respectively.