BAKU, Azerbaijan, August 13. OPEC has maintained its outlook for non-Declaration of Cooperation (non-DoC) liquids supply growth in 2024, projecting an increase of 1.2 mb/d to an average of 53 mb/d, consistent with last month’s assessment, Trend reports.
While US crude and condensate production saw a slight decline in May, the country’s NGLs production reached a new monthly high, surpassing 7 mb/d for the first time. As a result, US liquids supply growth for 2024 is expected to be 0.5 mb/d.
In addition to the US, Canada, and Brazil are anticipated to be key contributors to non-DoC liquids supply growth in 2024.
Looking ahead to 2025, non-DoC liquids supply is projected to grow by 1.1 mb/d, averaging 54.1 mb/d, with the US, Brazil, Canada, and Norway leading this growth. However, Angola is expected to experience a decline.
OPEC also forecasts that DoC NGLs and non-conventional liquids will grow by approximately 100,000 b/d in 2024, averaging 8.3 mb/d, with a further increase of around 40,000 b/d expected in 2025, bringing the average to 8.4 mb/d. Specifically, OPEC NGLs and non-conventional liquids production is expected to rise by about 60,000 b/d in 2024, averaging 5.5 mb/d, with additional growth of 110,000 b/d forecast for 2025, reaching 5.6 mb/d.
In July, DoC crude oil production increased by 117,000 b/d month-on-month, bringing the average to 40.91 mb/d, according to secondary sources.