Page 93 - RusRPTDec23

forecasts for oil consumption in non-OECD countries, primarily in China.
OPEC notes that China's oil imports rose to 11.4mn bpd in October and are" remaining on track to reach a new annual record high for this year."
Crude production by OPEC countries (excluding Iran, Libya and Venezuela) participating in the OPEC+ deal went up by 91,000 barrels per day in October 2023 to 22.89mn barrels per day mainly due to an increase in output by Angola and Nigeria, OPEC said in its November report.
Ten OPEC nations participating in OPEC+ were to cut production within the deal by 1.273mn barrels per day to 25.416mn barrels per day since October 2022. In October, real production by those countries amounted to 22.891mn barrels per day, which is 2.525mn barrels per day lower than the level stipulated by the OPEC+ agreement.
However, voluntary output cuts that some OPEC+ countries, including a few OPEC nations, stick to from May 2023 until the end of 2024, are not taken into account by the parameters of the OPEC+ agreement. Those cuts total 1.66mn barrels per day. Moreover, Saudi Arabia has been reducing production additionally by another 1mn barrels per day since July until the end of this year, and the kingdom admits an extension of this measure and an increase in the reduction.
Overall, all 13 OPEC countries boosted crude production in October by 80,000 barrels per day to 27.9mn barrels per day, mainly due to growth of output in Angola (+51,000 barrels per day) and Nigeria (+17,000 barrels per day).
Crude production by non-OPEC countries may rise by 1.8mn barrels per day in 2023, with the US contributing much to the growth, OPEC said in its November report. The outlook thus has been upgraded by 100,000 barrels per day compared with the previous estimate. In absolute terms output may reach 67.6mn barrels per day this year.
In August, the US’ crude production hit an all-time high as it slightly surpassed the previous peak of 13mn barrels per day recorded in November 2019. As a result, total production of liquid hydrocarbons could grow to 21.2mn tonnes in August, which means growth by 1.7mn barrels per day in annual terms.
Brazil, Kazakhstan, Norway, Guyana and China will also be among drivers of growth of this year’s supplies.
Meanwhile, 2024 projections remained unchanged as OPEC expects non-OPEC countries’ supply to rise by 1.4mn barrels per day to an average of 69mn barrels per day, with the US, Canada, Guyana, Brazil, Norway and Kazakhstan being the main drivers of expected growth, while Mexico and
93 RUSSIA Country Report December 2023 www.intellinews.com