BAKU, Azerbaijan, January 17. The estimated growth of non-OPEC liquids production in 2023 is 2.1 mb/d year-on-year, reaching 69.1 mb/d, Trend reports.
According to OPEC's forecast, upward revisions in the US, Russia, and Latin America counterbalance downward revisions in Africa, Canada, OECD Europe, and Other Eurasia.
The overall OECD supply growth for 2023 is adjusted upwards. Despite a downward revision in OECD Europe due to the UK and Norway, OECD Americas sees an upward revision, primarily driven by the US.
The estimated output growth in OECD Asia Pacific is expected to marginally decline.
Meanwhile, the non-OECD supply growth estimate for 2023 is revised upwards to 0.4 mb/d year-on-year. Latin America is anticipated to be the primary growth driver in the non-OECD region, followed by Eurasia and China.
Furthermore, the forecast for non-OPEC liquids production growth in 2024 has been slightly revised down from the previous month's assessment to 1.3 mb/d. The upward revisions to the supply forecasts for Azerbaijan are mainly counteracted by downward adjustments attributed to a lower growth expectation for Angola.
As OPEC noted, in 2024, the primary factors expected to drive non-OPEC supply growth include the US, Canada, Guyana, Brazil, Norway, and Kazakhstan. Conversely, the most significant declines in oil production are anticipated in Mexico and Angola.