BAKU, Azerbaijan, April 17. US oil output in 2023 is expected to grow by 990,000 b/d to total 18.8 mb/d, Trend reports citing the latest oil market outlook from the International Energy Agency (IEA).
The forecast for US production has been revised down by 90,000 b/d from the last month's assessment.
According to the report, out of this volume, crude will account for 12.5 mb/d (up by 660,000 b/d), while NGLs will total 6.2 mb/d (up by 330,000 b/d), and the remaining capacity will fall on nonconventional oils (90,000 b/d).
"Nonconventional oils have been revised down by 160,000 b/d for 2023, with historical revisions back to 2010 in the US dataset. These revisions were from a change in modelling methodology due to double counting of US biodiesel volumes," the report noted.
At the same time, oil production in the US in March 2023 rose by 130,000 b/d month-on-month to 18.7 mb/d.
"Gains from NGLs (160,000 b/d) offset small losses in crude as operating disruptions from winter weather dissipated. In January, the latest month for which official data from the Energy Information Administration (EIA) are available, total oil supply rose by 680,000 b/d, retaking most of December’s 830,000 b/d loss. Gains were split evenly between crude (350,000 b/d) and NGLs (340,000 b/d), with strong Gulf of Mexico (GoM) and light tight oil (LTO) production driving the former," the report added.
Meanwhile, according to the IEA estimations, the total non-OPEC+ production in 2023 is expected to increase by 1.9 mb/d on average to 49.8 mb/d.