OPEC’s share of oil production growth to shrink this year

The U.S. Energy Information Administration has predicted that non-OPEC countries will account for a higher percentage of oil production gains in 2023 and 2024. According to the EIA, the total non-OPEC liquid fuels production is expected to grow by 1.9 million barrels per day (bpd) in 2023 and by 1 million bpd in 2024, while OPEC output will fall by 500,000 bpd in 2023, then rise by 1 million bpd in 2024.