BAKU, Azerbaijan, April 14. Non-OPEC liquids supply in 2023 is expected to increase by 1.4 million barrels per day (mb/d) year-on-year to average 67.2 mb/d, Trend reports via monthly oil outlook from OPEC.
According to the report, the forecast has remained unchanged from the previous month's estimations.
Mainly, the supply outside the bloc in the 1Q2023 is expected to stand at 67.58 mb/d, in the 2Q2023 - at 66.71 mb/d, in the 3Q2023 - at 66.9 mb/d, and in the 4Q2023 - at 67.57 mb/d.
"Minor downward revisions to OECD Europe and the Other Eurasia were largely offset by upward revisions to liquids production in the Latin America and China," OPEC noted.
For 2023, the main drivers of non-OPEC output growth are projected to be the US, Brazil, Norway, Canada, Kazakhstan and Guyana, while oil supply is expected to see the largest decrease in Russia.
Non-OPEC oil output in March 2023, including OPEC NGLs, is estimated to have decreased by 0.1 mb/d month-on-month to average 73.2 mb/d, but, at the same time, is up by 1.6 mb/d year-on-year.
"As a result, preliminary data indicates that March’s global oil supply decreased by 0.2 mb/d month-on-month to average 101.9 mb/d, up by 1.9 mb/d year-on-year," the report noted.
Meanwhile, global liquids demand growth in 2023 is expected to stand at 2.3 mb/d.
