BAKU, Azerbaijan, May 11. The US Energy Information Administration (EIA) expects global oil and liquid fuels output in 2023 to grow by 1.5 million barrels per day (mb/d) year-on-year - to an average 101.3 mb/d, Trend reports via EIA.
According to the report, this growth will be mostly driven by non-OPEC producers.
"Excluding production from Russia, which we forecast to fall by 0.3 million b/d in 2023, we expect that non-OPEC liquid fuels production will increase by 2.2 million b/d in 2023 and by an additional 1.1 million b/d in 2024," the EIA said.
As such, the agency forecasts world liquids output at 101.1 mb/d in 2Q2023, 101.58 mb/d in 3Q2023, and 101.71 mb/d in 4Q2023. According to the EIA's estimations, global oil supply in 1Q2023 stood at 100.95 mb/d.
Meanwhile, the EIA projects further growth of world oil supply in 2024 to 103.02 mb/d, growing by 1.72 mb/d year-on-year. Thus, global liquids production is expected to stand at 102.24 mb/d in 1Q2024, 102.64 mb/d in 2Q2024, 103.49 mb/d in 3Q2024, and 103.69 mb/d in 4Q2024.
