OPEC has kept the forecast for oil production outside the organization

MOSCOW, September 13 – PRIME. OPEC has maintained its forecast for the level of oil production outside the organization in 2022 at 65.8 million barrels per day, in 2023 at 67.5 million barrels per day, the organization says in a September report.

OPEC expects small increase in Russian oil production this year

“The growth in the supply of liquid hydrocarbons in non-OPEC countries in 2022, taking into account the increase in refining, is projected at the level of 2.1 million barrels per day, which will average 65.8 million barrels per day, which practically did not change in compared to the previous estimate,” the report says.

Non-OPEC liquids production growth also remained broadly unchanged in 2023 and is expected to rise by 1.7 million bpd to average 67.5 million bpd. in the materials of the organization.

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According to OPEC estimates, the United States, Canada, China, Brazil and Guyana will be the strongest increase in oil production in 2022. However, in Thailand and Norway, production may, on the contrary, decrease. In 2023, the United States, Norway, Brazil, Canada and Guyana will become the main growth drivers, while Russia and Azerbaijan are forecast to decline.

USA

At the same time, the organization slightly lowered the forecast for oil production in the United States in 2022 – its growth may reach 0.66 million barrels per day, up to 11.91 million barrels per day, in 2023 it is expected to increase to 12.73 million barrels per day .

Oil production.

OPEC noted the decline in oil reserves in developed countries

According to OPEC, oil production in the country in 2021 averaged 11.25 million barrels per day.

According to the forecast in the September report, in 2022, production will increase by 0.66 million barrels per day compared to 2021, to 11.91 million barrels per day. In the previous, August, OPEC report predicted an increase of 0.68 million barrels per day. Thus, the organization lowered the estimate by 30,000 barrels per day.

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“Given the current pace of drilling and well completion in oil fields, oil production is projected to increase by 0.7 million bpd compared to the previous year, to an average of 11.9 million bpd in 2022,” the report says.

OPEC notes that the current forecast takes into account current inflation rates, ongoing supply chain problems and difficulties in servicing oil fields. The US Gulf Coast hurricane season is also a source of forecast uncertainty, the report added.

At the same time, it is indicated that in 2023 production will increase by 0.81 million barrels per day by 2022, to 12.73 million barrels per day. Last month, OPEC expected a rise to 12.74 million, indicating a slight downgrade of 10,000 barrels per day.


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