|Non-OPEC’s November Oil Production Increase Offsets OPEC’s Cutback|
A guest post by Ovi
Below are a number of Crude plus Condensate (C + C) production charts, usually shortened to “oil”, for Non-OPEC countries. The charts are created from data provided by the EIA’s International Energy Statistics and are updated to November 2022. This is the latest and most detailed world oil production information available. Information from other sources such as OPEC, the STEO and country specific sites such as Russia, Brazil, Norway and China is used to provide a short term outlook for future output and direction for a few of these countries and the world. The US report has an expanded view beyond production by adding rig and frac spread charts.
November Non-OPEC oil production increased by 502 kb/d to 51,099 kb/d. The majority of the increase came from Kazakhstan and Russia.
In the last report, the forecast for November production was 51,051 kb/d. It was low by 48 kb/d.
Using data from the March 2023 STEO, a projection for Non-OPEC oil output was made for the period December 2022 to December 2024. (Red graph). Output is expected to reach 51,743 kb/d in December 2024, which is 659 kb/d lower than the November 2019 peak of 52,402 kb/d.
Note that after the January 2023 post pandemic high of 51,382 kb/d, production drops to a low of 50,013 kb/d in April 2023, before resuming its climb. The drop is primarily due to a projected drop in Russian oil output.