Eia oil production by country license#
Part of this growth is driven by Venezuela.įollowing the America Department of the Treasury issuing General License (GL) 41 at the end of November, Chevron is resuming oil production in Venezuela for export to the America.ĮIA’s OPEC production forecast is subject to considerable uncertainty, driven by a combination of possible outcomes for country compliance to existing OPEC+ production targets and changes to existing OPEC+ targets, as well as ongoing developments in Iran, Libya, and Venezuela.
OPEC crude oil production in our forecast averages 29.5 million b/d in 2024, up 0.8 million b/d from 2022. But we expect the sanctions on petroleum products will cause greater disruptions to Russia’s oil production and exports because finding alternative buyers as well as transportation and other services to reach those buyers is likely to be more challenging than for crude oil”, it added. “We expect that most crude oil exports from Russia will continue to find buyers. The extent to which European Union sanctions, other sanctions, and the G7 price cap will affect Russia’s crude oil and petroleum product exports and production remains uncertain. “We forecast that Russia’s petroleum and other liquid fuels production will decline to 9.5 million b/d in 2023, from 10.9 million b/d in 2022, and then average 9.4 million b/d in 2024. The largest source of non-OPEC production growth over the forecast period is the America, which contributes 40 per cent of growth in 2023 and 60 per cent of growth in 2024.Īmerica growth is driven by increases in crude oil production in the Lower 48 states-mostly in the Permian region-as well as a combination of increases to production of hydrocarbon gas liquids and biofuels, which together account for about 40 per cent of America liquid fuels production growth in 20.ĮIA also expects that sources of growth in non-OPEC liquid fuels supply will offset declines in Russia‘s oil production. “We forecast that the United States and other non-OPEC producers outside of Russia will add 2.4” million b/d of oil production in 2023 and an additional 1.1 million b/d in 2024”, it added. This increase reflects large growth in several non-OPEC countries and in OPEC output that more than offset 1.5 million b/d of declines in Russia’s production over the forecast period.
“We forecast that America and other liquid fuels will increase by 1.1 million barrels per day (b/d) in 2023 and 1.7 million b/d in 2024. In addition, the total oil demand outlook for 2024 was estimated at 102.2 million bpd, primarily driven by consumption in India and China, marking an increase of 1.73 million bpd year-on-year.
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