IEA: Conventional oil set to dominate 2023 non-OPEC+ supply growth

IEA: Conventional oil set to dominate 2023 non-OPEC+ supply growth

From ogj.com

In a shift from recent years, the majority of non-OPEC+ gains are coming from new conventional projects, according to the International Energy Agency (IEA). US light tight oil (LTO) is expected to provide only one-third of the 1.8 million b/d growth in 2023, down from nearly a half this year. Brazil is the largest source of new conventional supply in the short term, followed by Norway, the US Gulf of Mexico, and Guyana, IEA said. Brazil is on track to bring on five new FPSO vessels over the next 18 months in addition to the Guanabara FPSO that started up in Mero field earlier this year. Chinese firms also have a ... (full story)

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