The US, Canada, Brazil, China, Kazakhstan and Guyana will be the main drivers of liquid hydrocarbon supply growth this year, while production is expected to decline in Russia, Indonesia and Thailand.
In June, OPEC countries increased oil production by 234,000 barrels per day compared to May, to 28.716 million bpd, according to the organization’s report, published on Tuesday, July 12th.
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At the same time, the OPEC+ deal was executed by 195%, that is, the countries participating in it produced 1.47 million b/d below their quota.
Thus, Nigeria produces 560,000 b/d below the permissible level, Saudi Arabia – almost 250,000 b/d, Iraq – 146,000 b/d, UAE – 45,000 b/d.
The report also says OPEC has maintained its estimate of oil supply growth from non -OPEC countries in 2022 of 2.15 million b/d to 65.73 million b/d. At the same time, OPEC analysts predict an increase in oil supply from non -OPEC countries by 1.71 million bpd to 67.44 million bpd by 2023, in particular, production in the United States will increase by 1.1 million bpd.
Analysts kept their estimate of oil and condensate production in 2022 in Russia at 10.63 million b/d compared to 10.8 million b/d in 2021. At the same time, in 2023, oil production in Russia will fall to 10.43 million b / d, they believe, emphasizing that the estimated production in the country is subject to high uncertainty.
The United States, Canada, Brazil, China, Kazakhstan and Guyana are expected to be the main drivers of liquid hydrocarbon supply growth this year, while production cuts are expected mainly in Russia, Indonesia and Thailand.
It will be recalled that last week the price of oil dropped below $ 100. Brent fell more than $ 10, the third largest decline in dollar terms ever.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.