• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Wednesday, August 6, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Non-OPEC oil supply to expand by 1.5mb/d in 2023 – OPEC

OPEC

The Matters Press by The Matters Press
August 12, 2023
Reading Time: 2 mins read
0
Chamber wants to cut production

OPEC

Abuja, Aug. 12, 2023: The Organisation of the Petroleum Exporting Countries (OPEC) says, its Non-OPEC oil supply is expected to expand by 1.5 million barrels per day (mb/d) in 2023.

RELATED POSTS

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

This is a slight upward revision from the previous assessment of 1.4mb/d.

OPEC said this in its Monthly Oil Market Report for August obtained by the News Agency of Nigeria (NAN) on Friday.

Non-OPEC oil producers are crude oil producing nations outside of the OPEC group and shale oil producers.

Some of the top oil producing countries are non-OPEC nations and these include U.S. which is the number one producer as well as Canada and China.

The report said the main drivers of oil supply growth for 2023 were expected to be the U.S, Brazil, Norway, Kazakhstan Guyana and China, while the largest decline was expected from Russia.

It said there remained uncertainties associated with U.S shale oil output potential and unplanned maintenance in 2023.

According to the report, for 2024, non-OPEC oil production is projected to grow by 1.4 mb/d, unchanged from the previous assessment.

“For 2024, the main drivers for liquids supply growth are expected to be the U.S, Canada, Guyana, Brazil, Norway and Kazakhstan, mainly due to existing project ramp-ups.

“The largest declines are expected from Mexico and Azerbaijan.

“OPEC NGLs and non-conventional liquids are forecast to grow by 46 thousand barrels per day (tb/d) in 2023 to an average of 5.4 mb/d and by another 65 tb/d to an average of 5.5 mb/d in 2024,” it said.

The report said in July, OPEC-13 crude oil production decreased by 836 tb/d month-on-month (m-o-m) to an average of 27.31 mb/d, according to available secondary sources.

The report further revealed that its World Oil Demand in 2023 was expected to grow by 2.4 million barrels per day (mb/d), unchanged from July’s assessment.

It said upward revisions to the first quarter of 2023, based on actual data received for the Organisation for Economic Cooperation and Development (OECD) America and OECD Europe, was completely offset by downward revisions to 2Q23, mainly in Europe and Other Asia.

“In the OECD region, oil demand in 2023 is anticipated to rise by 74 thousand barrels per day (tb/d), to an average of 46.0 mb/d.

“While in the non-OECD region, total oil demand is anticipated to rise by nearly 2.4 mb/d, to average 56.0 mb/d,” the report said.

It stated that for 2024, world oil demand was forecast to grow by a healthy 2.2 mb/d, unchanged from the previous assessment.

According to the report, the OECD is anticipated to expand by about 0.3 mb/d, with OECD Americas contributing the largest increase.

It added that the non-OECD was set to drive growth, increasing by around 2.0 mb/d, with China, the Middle East and Other Asia contributing the largest share, with further support from India, Latin America, and Africa.

Tags: OPEC
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Nigerian firms to handle $4b gas project
Economy/Technology

ADC’s claim on refinery sale, horrendous half truth

July 23, 2025
Next Post
SON alerts on second hand gas cylinders

Retailers urge FG to encourage more local production of gas

Nigeria to rebase CPI, GDP

Nigeria’s 18% tax to GDP target to moderate borrowing excites stakeholders

Recommended Stories

2021 premium income for insurance industry hits N630bn — NAICOM

Insurance generates N726.2bn premium, NAICOM reports

March 24, 2023
Minimum wage a reality – Labour

Fuel Subsidy: NLC’s planned strike in contempt of court

July 27, 2023
NIMASA moves against illegal fishing in Nigerian waters

NIMASA tasks industrial council on seafarers’ welfare

August 24, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month
  • Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us