BAKU, Azerbaijan, March 22. The International Energy Agency (IEA) expects oil output from non-OPEC+ countries in 2023 to increase to an average of 49.8 million barrels per day (mb/d), up by 1.8 mb/d year-on-year, Trend reports citing the latest oil market outlook from the IEA.
The non-OPEC+ production is forecast to grow throughout the year, mostly driven by output increase in the US and Brazil.
At the same time, in February 2023, non-OPEC+ oil production surged by 650,000 b/d month-on-month to 48.9 mb/d.
"The US and Canada added 700,000 b/d between them as operations recovered from a second month of winter storms and upgrader maintenance. Norway accounted for another 100,000 b/d of growth as the Johan Sverdrup project ramped up, while refinery gains and biofuels fell seasonally by 80,000 b/d. Latin America also declined, led by losses in Brazil, Ecuador and Colombia; with Argentina the only country on the continent to post small monthly increases," the report said.
Meanwhile, for the whole year, the IEA expects global oil
production to grow by 1.6 mb/d, with the US and
Brazil driving the growth.
"An overall non-OPEC+ increase of 1.8 mb/d will be moderated by an OPEC+ decline of 250 kb/d with some Russian volumes shut in by sanctions," the agency added.