Non-OPEC countries will account for a higher percentage of oil production gains this year and next, the U.S. Energy Information Administration predicted on Tuesday – a reversal of the last two years.
According to the report, shared by Reuters, “gains by the U.S., Brazil, Canada and Guyana will overshadow OPEC after Saudi Arabia and other Middle East producers this month disclosed plans to cut output by around 1.16 million barrels per day beginning next month.”
Total non-OPEC liquid fuels production is expected to grow by 1.9 million barrels per day (bpd) in 2023 and by 1 million bpd in 2024, the EIA said in its Short Term Energy Outlook. OPEC output will fall by 500,000 bpd in 2023, then rise by 1 million bpd in 2024, after the group’s output agreement expires, EIA forecast.
About half of the forecast gain by non-OPEC producers in the next two years will come from the United States, the agency said. U.S. crude production set to rise 5.5% to 12.54 million bpd this year and another 1.7%, to 12.75 million bpd, in 2024.
