BAKU, Azerbaijan, December 20. Non-OPEC+ oil output is expected to reach 50.6 mb/d in the fourth quarter of 2023, Trend reports.
According to the estimations of the International Energy Agency (IEA), the bloc's output is forecast to grow by 2 mb/d year-on-year, mainly due to unprecedented levels of US supply.
Meanwhile, in November, non-OPEC+ production saw a slight increase, with Canadian output bouncing back following maintenance completion, continued growth in US supply, and higher volumes from Guyana, where the Prosperity floating storage production and offloading (FPSO) vessel commenced operations, more than compensating for seasonally lower biofuels and losses in Brazil.
However, uncertainty looms as the recently approved Venezuelan referendum adds tension to Guyana's growth narrative, and the Argentinean president has put forth significant structural changes to the economy, emphasizing energy as a priority.
Significant boosts from Brazil and Guyana, both achieving record highs, have played a crucial role in this growth, the agency noted. The combined production from these three countries is expected to make up 86 percent of the 2.2 mb/d growth in non-OPEC+ supply in 2023.
In the following year, US, Brazil and Guyana are poised to set new records, the IEA noted, contributing 84 percent to the 1.3 mb/d increase in non-OPEC+ production, bringing volumes up to 51.4 mb/d.
