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Forecast for OECD countries oil production slightly down - OPEC

Oil Materials 14 September 2022 11:03
Baku, Azerbaijan Trend News Agency Maryana Akhmedova
Forecast for OECD countries oil production slightly down - OPEC

Hydrocarbon liquids production in member countries of the Organization for Economic Co-operation and Development (OECD) in 2022 is expected to grow by 1.3 million barrels per day year-on-year to an average of 30.8 million barrels per day, Trend reports citing OPEC.

According to the report, this figure is slightly down by 36,000 barrels per day, compared to the previous forecast, mainly due to downgraded expectations for the US and OECD Europe.

OECD Europe’s liquids supply in the current year is forecast to decline by 33,000 barrels per day, compared to 2021 to average 3.7 million barrels per day, while OECD Americas’ supply is anticipated to grow by 1.3 million barrels per day to average 26.6 million barrels per day.

Meanwhile, oil production of OECD Asia Pacific is expected to increase by 10,000 barrels per day year-on-year - to 0.5 million barrels per day.

As for the 2023 forecast, OPEC expects OECD oil production to grow by 1.6 million barrels per day to average 32.4 million barrels per day, with growth of 1.3 million barrels per day from OECD Americas to average 27.9 million barrels per day.

“Yearly liquids production in OECD Europe is anticipated to grow by 0.2 million barrels per day to average 4 million barrels per day, while OECD Asia Pacific is expected to decline by 12,000 barrels per day year-on-year to average 0.5 million barrels per day,” the report noted.

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