Non-OPEC countries' oil production to fall this year

OPEC slightly lowered the oil production forecast outside the organisation for 2022 - by 24,000 barrels per day.

The production volume as of the end of the year is still estimated at an average of 65.6 million barrels per day, while for 2023 - 67.1 million barrels per day, Report informs citing the OPEC's November report.

The forecast for next year is almost the same as last month's estimate.

"The liquids supply forecast in non-OPEC countries for 2022 has been slightly revised down by 24,000 barrels per day to an average of 65.6 million barrels per day. On average, the volume will increase by 1.9 million barrels per day compared to last year, which is 30,000 barrels per day less than it was forecasted in the previous month," the document says.

According to OPEC, the US, Canada, China, Brazil and Guyana will greatly increase oil production in 2022, while production in Thailand and Norway may decrease.

The production volume will be mainly increased by the US, Norway, Brazil, Canada, Kazakhstan and Guyana but will decrease in Russia and Mexico in 2023.