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OPEC upgrades outlook on crude output by non-OPEC countries for 2023, including due to US

Brazil, Kazakhstan, Norway, Guyana and China will also be among drivers of growth of this year’s supplies

MOSCOW, November 13. /TASS/. Crude production by non-OPEC countries may rise by 1.8 mln barrels per day in 2023, with the US contributing much to the growth, OPEC said in its November report. The outlook thus has been upgraded by 100,000 barrels per day compared with the previous estimate. In absolute terms output may reach 67.6 mln barrels per day this year.

In August, the US’ crude production hit an all-time high as it slightly surpassed the previous peak of 13 mln barrels per day recorded in November 2019. As a result, total production of liquid hydrocarbons could grow to 21.2 mln tons in August, which means growth by 1.7 mln barrels per day in annual terms.

Brazil, Kazakhstan, Norway, Guyana and China will also be among drivers of growth of this year’s supplies.

Meanwhile, 2024 projections remained unchanged as OPEC expects non-OPEC countries’ supply to rise by 1.4 mln barrels per day to an average of 69 mln barrels per day, with the US, Canada, Guyana, Brazil, Norway and Kazakhstan being the main drivers of expected growth, while Mexico and Malaysia likely to demonstrate the highest drop in production.