BAKU, Azerbaijan, November 15. Non-OPEC+ oil production in 2023 is expected to grow by by 2.1 mb/d to 50 mb/d.
According to the data provided to Trend by the International Energy Agency (IEA), non-OPEC+ supply increased by 260,000 b/d month-on-month, reaching 50.5 mb/d in October.
This rise was driven by the recovery of Canadian production post-oil sands maintenance, a continuous uptick in US production unaffected by Gulf of Mexico (GoM) hurricanes, and an expansion in UK volumes, the agency noted. Throughout the third quarter, Non-OPEC+ output averaged 50.6 mb/d, marking a 2 mb/d increase from 3Q2022 and an 820,000 b/d rise from the previous quarter.
At the same time, both the US and Brazil achieved record-high production levels during the reporting period. Looking ahead, these two nations are projected to contribute to 85 percent of non-OPEC+ supply growth for the entire year, and 55 percent of gains anticipated for the following year.
Meanwhile, non-OPEC+ oil output is expected to be followed by an additional 1.3 mb/d rise in 2024, totaling 51.2 mb/d.
