The Organization of the Petroleum Exporting Countries, or OPEC, on Tuesday nudged up its forecast for growth in world oil demand this year by 100,000 barrels a day, bringing it to 2.3 million barrels a day. That would put 2023 oil production at 101.87 million barrels a day. OPEC, in its monthly report, left its assessment of 2022 demand growth unchanged at 2.5 million barrels a day for a total of 99.55 million barrels a day. On the supply side, the organization said its forecast for non-OPEC liquids production growth was lowered slightly by 100,000 barrels a day from last month. Liquids production is now expected to grow by 1.4 million barrels a day this year. Non-OPEC liquids supply is estimated to have grown by 1.9 million barrels a day in 2022, broadly unchanged from the organization’s January forecast.
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