Canadian oil production will approach six million bbls/d for 2023, which will help lead a non-OPEC+ supply hike, says the International Energy Agency (IEA).

In December, Canadian supply fell 180,000 bbls/d, month-on-month, to 5.78 million bbls/d as bitumen and upgrader output decreased, according to Alberta Energy Regulator (AER) and Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) data.

January production increased by 30,000 bbls/d. Annual growth in 2023 is expected to be 110,000 bbls/d, bringing total volumes to 5.85 million bbls/d.

Read more in today’s guidance report, which captures updates announced by producers during the period of Feb. 6-17, 2023.

Access: To read the Daily Oil Bulletin’s full guidance report, click here to access it directly, or click on the Reports tab on the DOB’s main navigation bar.

The report provides 2023 forecasts for capital spending, drilling and production for companies headquartered in Canada and the U.S.

Data for the report is powered by Evaluate Energy.