MOSCOW, June 6 The US Department of Energy expects global oil production to grow by 1.5 million barrels per day in 2023 and by 1.3 million barrels per day in 2024, despite the decision of OPEC + on new production cuts, follows from the data of the monthly short-term forecast of the Ministry's Energy Information Administration (EIA).
“Despite the extension of OPEC+ production cuts, we forecast that global liquids production will increase by 1.5 million bpd in 2023 and by 1.3 million bpd in 2024, mainly due to increased production from non-OPEC producers,» the report says.
The main sources of growth will be the United States, Norway, Canada, Brazil and Guyana, the Ministry of Energy notes. According to his forecasts, OPEC oil production will decrease by 600,000 bpd in 2023 and increase by 300,000 bpd in 2024. At the same time, it was previously expected that next year the growth would be 600,000, reminds the ministry.
After the June 4 meeting, the OPEC+ Alliance announced the extension of its deal until 2024 and a reduction in the overall target level of oil production by 1.4 million barrels per day from next year. In addition, additional, so-called voluntary, production cuts by individual countries continue and even are postponed to the next year. Including Russia and Saudi Arabia — 500,000 bpd each, with Riyadh announcing an increase in its cuts for July by 1 million bpd with the possibility of extension.