OPEC has slightly raised its estimate for growth in non-OPEC oil production in 2023 to 1.6 million barrels per day compared to 2022, expecting an average of 67.4 million barrels per day, Ednews informs referring to the organization’s September report.

Non-OPEC liquid hydrocarbon production is expected to increase by 1.6 million barrels per day in 2023 compared to the previous year, to an average of 67.4 million barrels per day, the report says.

The organization attributes the forecast revision to a decrease in the indicator for Canada, Africa and OECD countries, which is offset by an increase in the indicator for Russia, the US and Brazil.

A month earlier, OPEC predicted an increase in oil production outside the organization in 2023 by 1.5 million barrels, to 67.3 million barrels per day.

The main growth drivers in 2023 are forecast to be the US, Brazil, Norway, Kazakhstan, Guyana and China. However, OPEC points to continued uncertainty surrounding US shale oil production potential and unscheduled maintenance for the remainder of the year.

It is expected that the production of liquid hydrocarbons in non-OPEC countries in 2024 will increase by 1.4 million barrels per day compared to the previous year and will average 68.8 million barrels per day. This figure has remained virtually unchanged from compared to last month, the report says.