The Organization of the Petroleum Exporting Countries on Thursday left its forecasts for growth in 2023 and 2024 world oil demand unchanged. In its monthly report, OPEC said it expects demand this year to grow by 2.4 million barrels a day, followed by 2.2 million barrels a day, or mbd, in 2022. Non-OPEC liquids supply is expected to expand by 1.5 mbd in 2023, a slight upward revision. OPEC expects the main drivers of liquids supply growth for 2023 to be the U.S., Brazil, Norway, Kazakhstan Guyana and China, while the largest decline is expected from Russia. OPEC said uncertainties remain around U.S. shale-oil output potential and unplanned maintenance in 2023. Non-OPEC liquids production is forecast to grow by 1.4 mbd in 2024, unchanged from the previous estimate.
