BAKU, Azerbaijan, February 15. Oil output from the non-OPEC producers in 2023 is expected to increase by 1.4 million barrels per day (mb/d) to an average of 67 mb/d, Trend reports via monthly oil outlook from OPEC.
The current forecast has been downgraded by 0.1 mb/d, compared to the last month's assessment, mainly due to lower production outlook for Russia and the US.
At the same time, OECD oil supply is projected to grow by 1.6 mb/d, while the non-OECD supply will drop by 0.2 mb/d.
"Growth is led by OECD Americas with 1.3 mb/d to average 27.9 mb/d. Yearly liquids production in OECD Europe is anticipated to grow by 0.3 mb/d to average 3.9 mb/d, while OECD Asia Pacific is expected to remain broadly unchanged to average 0.5 mb/d," the report noted.
Thus, according to OPEC's forecast, the main drivers for global oil supply growth will be the US, Norway, Brazil, Canada, Kazakhstan and Guyana. Meanwhile, production decline is forecast for Russia and Mexico.
Nevertheless, as OPEC noted, the impact of ongoing geopolitical developments in Eastern Europe and US shale output prospects in 2023 create significant uncertainties to the global outlook.
Meanwhile, in the 1Q2023 global oil demand is forecast at almost 101.3 mb/d, in 2Q2023 - at 100.7 mb/d, in 3Q2023 - 101.9 mb/d, and in 4Q2023 - at 103.5 mb/d. Thus, total world liquids demand for the whole years is expected at an average 101.9 mb/d.
