U.S. Energy Information Administration said Tuesday it expects global liquids fuel production to increase by 1.5 million barrels per day in 2023 despite declining production in OPEC and Russia. EIA attributes the increased production to “strong growth from non-OPEC countries, which increase by 2.3 million b/d… Non-OPEC production growth is largely driven by counties in North and South America.”
EIA said global liquids production is forecast to increase an additional 2.0 million b/d in 2024. And EIA forecasts global liquid fuels consumption to rise by 1.4 million b/d in 2023 and by 1.8 million b/d in 2024.
EIA said U.S. crude oil production was 11.88 million b/d in 2022 with forecasts for 12.54 million b/d in 2023 and 12.75 million b/d in 2024.