BAKU, Azerbaijan, August 14. OPEC's latest outlook projects a modest expansion in OECD liquids production for 2024, excluding Mexico, with an anticipated increase of approximately 0.8 mb/d, bringing the average output to 31.5 mb/d, Trend reports.
As such, the growth is expected to be driven primarily by the OECD Americas, which is forecasted to see an increase of 0.7 mb/d, averaging 27.3 mb/d. This projection remains largely unchanged from the previous month's assessment.
In OECD Europe, liquids production is expected to rise by around 30 tb/d, reaching an average of 3.7 mb/d. However, this marks a slight downward revision of 8 tb/d compared to earlier forecasts. Meanwhile, OECD Asia Pacific is projected to experience a decline in liquids production, decreasing by 8 tb/d year-on-year, with an average output of 0.4 mb/d.
Looking ahead to 2025, OECD liquids production is expected to grow by another 0.8 mb/d, averaging 32.2 mb/d. The OECD Americas are once again expected to lead this growth, with an anticipated increase of 0.7 mb/d, bringing the average to 28.0 mb/d. In OECD Europe, production is forecasted to grow by 0.1 mb/d, averaging 3.8 mb/d, while OECD Asia Pacific is expected to see a slight decline of 8 tb/d year-on-year, maintaining an average output of 0.4 mb/d.