2023 will reach the highest level of oil production in history

Expectations of oil consumption growth forecast that the world annual average could reach 101.7 million barrels per day. This figure implies a daily increase of 1.9 million. However, there is uncertainty regarding the way and speed in which China

This level of production would be the highest in history. The balance will be between the impact of Western sanctions on Russia and how China will continue reacting to its own sanitary restrictions. The slowdown in Russian production will be the main factor leading to a reduction of OPEC+ by 870,000 barrels per day.

And while OPEC+ member countries will see a decrease in production, those outside the oil cartel will be the ones contributing the increase. It is estimated that growth will be led by the United States, by far, and followed by Canada, Brazil and Guyana. All of them have registered record production for the last two years in a row.

As for refining, in December 2022 it kept stable. While in the United States there was a reduction of 910 thousand barrels per day, due to weather-related cuts, Europe and Asia compensated for this drop. Last year, this segment presented an average growth of 2.1 million barrels per day (mb/d) compared to 2021. For this 2023, average daily growth is estimated at 1.5 mb/d.

Por / By: Diputado Manuel Rodríguez González