The Strategist

OPEC raises outside oil production growth estimate

11/14/2023 - 08:45

OPEC revises growth projection for non-OPEC oil output to 1.8 million barrels per day.

According to the organization's November report, OPEC increased its forecast for the growth of oil production outside of its borders in 2023 by 100,000 barrels per day, and now anticipates an increase in production of 1.8 million barrels per day compared to 2022 - an average of 67.6 million barrels per day.

"Non-OPEC liquids production in 2023 is expected to increase by 1.8 million bpd year-on-year to average 67.6 million bpd," the survey stated.

The organization links the prediction revision to a decline in the number for India and the European OECD countries, which is counterbalanced by a gain in the number for the United States and Brazil, among other countries.

A month prior, OPEC projected that non-member oil production would increase by 1.7 million barrels daily in 2023, reaching 67.5 million barrels per day.

According to forecasts, China, the United States, Brazil, Norway, Kazakhstan, and Guyana will be the primary growth engines in 2023. OPEC also predicts that weather-related uncertainties and unforeseen offshore repairs will remain a problem for the remainder of the year.