OPEC Raises Estimate of Oil Production Outside the Organization in 2023
OPEC raised its estimate of oil production outside the organization in 2023 by 190,000 barrels per day, expecting its growth compared to 2022 to 67.2 million barrels per day, follows from the March report of the organization.
The estimate of the indicator in the first quarter increased by 350,000 barrels per day compared to the February estimate, to 67.07 million barrels per day, in the second – by 30,000, to 66.68 million. The forecast for the third quarter was increased by 200,000 bpd to 67.19 million bpd, and for the fourth quarter by 210,000 bpd to 67.86 million.
The United States, Brazil, Norway, Canada and Kazakhstan are forecast to be the biggest drivers of supply growth in 2023, with Russia expected to see the largest decline in production.
