BAKU, Azerbaijan, February 14. The estimated growth in non-OPEC liquids production for 2023 is set to have increased by 2.4 mb/d year-on-year, reaching a total of 69.4 mb/d, Trend reports.
According to OPEC's forecast, upward adjustments to the estimations for the US and Russia counterbalance downward revisions for the UK and Azerbaijan.
Overall, the 2023 OECD supply growth is revised higher. While OECD Europe remains relatively stable, the OECD Americas' output is adjusted upward, thanks to the contributions from the US and Canada. There's a marginal decline estimated in OECD Asia Pacific's output growth.
For 2023, the non-OECD supply growth estimation is revised up to 0.5 mb/d year-on-year. Latin America is anticipated to be the primary growth driver in the non-OECD region, followed by China and Other Eurasia.
Moving to the non-OPEC liquids production growth forecast in 2024, there's a downward revision from the previous month's assessment to 1.2 mb/d - to 70.5 mb/d. This revision considers all the announced additional voluntary production adjustments by some countries in the Declaration of Cooperation (DoC) until the end of 2024. At the same time, downward changes to Russia, the US, and a few other countries mainly offset upward revisions to the supply forecasts of Guyana and Other Asia.
As for the non-OPEC liquids production growth forecast for 2025, the forecast predicts a growth of 1.3 mb/d, reaching an average of 71.8 mb/d, which includes 60,000 b/d in processing gains, the forecast added.
