2023-05-14 00:00:00
Written by Marwa Al Ghoul
Sunday, May 14, 2023 03:00 AM
The latest forecast indicates Organization of the Petroleum Exporting Countries (OPEC), This led to a decrease in the total oil supplies of the group of producing countries from outside during the first quarter of 2023, by about 120 thousand barrels per day, compared to the previous quarter, to reach about 66.7 million barrels per day, according to the report of the global petroleum situation of the “OAPEC” organization.
The report added that, in general, it is expected that the average of these supplies will increase during the year 2023 by about 1.4 million barrels per day, or by 2.2% compared to the previous year, to reach 67 million barrels / day, which is a lower level than previous expectations, as Russia’s expected production was reduced. In light of the continuing geopolitical tensions in Eastern Europe, projected production growth in the United States of America was also cut back due to concerns regarding the prospects for shale oil production. The main drivers of global oil supply growth in 2023 will be the United States of America, Norway, Brazil, Canada, Kazakhstan and Guyana.
On the other hand, the report continued, that on the other hand, the “Drilling Productivity Report”, issued by the US Energy Information Administration in February 2023, indicates that the average US shale oil production in the regions is expected to rise during the first quarter of 2023 to reach about 9.280 million bp, which is The highest achieved quarterly level since the start of recording such data in 2007.
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