OPEC lowers its estimate for growth in oil production outside organization

OPEC has lowered its estimate for growth in non-OPEC oil production in 2024 by 0.1 million barrels per day. Production is projected to increase by 1.3 million barrels per day compared to 2023, to an average of 70.4 million barrels, Report informs referring to the organization’s January report.

Non-OPEC oil production is projected to increase by 1.3 million barrels per day in 2024, to an average of 70.4 million barrels per day, the report says.

Non-OPEC oil production growth in 2024 was expected at 1.4 million barrels per day in the December report.

The main drivers of growth in oil production outside the organization in 2024, as OPEC expects, will be the US, Canada, Guyana, Brazil, Norway and Kazakhstan. Offshore projects will also provide significant support to growth, mainly in Latin America. At the same time, the biggest decline in production is predicted in Mexico and Angola.

At the same time, in 2023, oil production by countries outside of OPEC is estimated to have increased by 2.1 million barrels per day compared to the previous year, to 69.1 million barrels per day. Upward revisions in estimates for the US, Russia and Latin America offset downward revisions in Africa, Canada, OECD European countries and other Eurasian countries.