BAKU, Azerbaijan, March 14. Kazakhstan is expected to be among main drivers of global oil supply growth in 2023, Trend reports via monthly oil outlook from OPEC.
Kazakhstan’s liquids output in 2023 is expected to increase by 159,000 b/d. Thus, the country's oil production this year is expected at 1.9 mb/d, the report said.
Moreover, among other non-OPEC members, the US, Brazil, Norway, and Canada, are also projected to add the most to the world liquids supply growth. At the same time, OPEC anticipates production decline from Russia.
"Nevertheless, there are significant uncertainties related to the impact of ongoing geopolitical developments in Eastern Europe and US shale output assessments in 2023," OPEC noted.
According to the forecast, the total oil supply from non-OPEC countries in 2023 is expected to increase by 1.4 mb/d.
"The supply growth forecast for OECD is revised down and expected to increase by 1.4 mb/d year-on-year in 2023; growth in OECD Asia Pacific remains unchanged, whereas OECD Europe and OECD Americas are revised down. However, the non-OECD supply growth projection is revised up by 145,000 b/d to show a decline of 0.1 mb/d in 2023, year-on-year," the report added.