BAKU, Azerbaijan, November 14. Non-OPEC liquids production in 2024 is anticipated to increase by 1.4 mb/d, reaching an average of 69 mb/d (including 50,000 b/d in processing gains), Trend reports.
According to OPEC's forecast, OECD liquids supply is expected to rise by 0.9 mb/d, averaging 33.3 mb/d. The primary driver of this growth is anticipated to be OECD Americas, projecting an increase of 0.8 mb/d to achieve an average of 29.1 mb/d.
Meanwhile, yearly liquid production in OECD Europe is forecasted to rise by 0.1 mb/d, reaching an average of 3.8 mb/d, while OECD Asia Pacific is expected to decline by 13 tb/d year-on-year, averaging 0.4 mb/d.
At the same time, non-OECD liquids output is forecast to stand at an average 33.1 mb/d - up by 0.4 mb/d year-on-year.
As OPEC noted, key contributors to this growth include the US, Canada, Guyana, Brazil, Norway, and Kazakhstan. The primary drivers are foreseen to be the US shale basins and projected ramp-ups, particularly in offshore assets. Concurrently, the most significant declines in production are anticipated in Mexico and Malaysia.
