VINACHEM

OPEC has kept its forecast for the oil production growth in 2024 outside the organization at 1.23 million barrels per day and expects an increase to 53 million barrels per day, the organization said in its fresh report on Wednesday.

"Non-DoC liquids supply (i.e., liquids supply from countries not participating in the Declaration of Cooperation) is expected to expand by 1.2 mb/d in 2024 to average 53.0 mb/d, unchanged from the previous month’s assessment," the report read.

Earlier, OPEC committed to remove some 2.2 million barrels per day through 2025 from the joint production of the 23 nations in the alliance. It was originally supposed to make those cuts only until September this year.