Dynamics of OPEC+ production in 2021-2023
BAKU, Azerbaijan, Dec.1
By Leman Zeynalova – Trend:
The volume of oil production by OPEC+ countries is expected to stand at 37.520 million barrels per day as of 2021, before rising to 40.516 million barrels per day in 2022 and 41.346 million barrels per day in 2023, Trend reports with reference to the US JP Morgan Bank.
Among them, 10 OPEC countries, participating in the deal to curb the oil output, are forecast to produce 22.562 million barrels per day in 2021, 24.812 million barrels per day in 2022 and 25.651 million barrels per day in 2023.
This is while non-OPEC countries participating in the deal are set to produce 14.958 million barrels per day in 2021,15.704 million barrels per day in 2022 and 15.695 million barrels per day in 2023.
During the 22nd OPEC and non-OPEC Ministerial Meeting, held November 4, the participants reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of December 2021.
The overall compliance of OPEC+ with the oil output cut deal in October 2021 stood at 116 percent, according to the International Energy Agency (IEA).
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