The Organization of the Petroleum Exporting Countries on Tuesday left its forecast for growth in world oil demand unchanged in 2022 and 2023. In its monthly report, OPEC said oil demand remains on track for a rise of 3.1 million barrels a day in 2022, with the second quarter revised higher amid better-than-anticipated demand in big, developed economies that are members of the Organization for Economic Cooperation and Development, or OECD, with third- and fourth-quarter seeing offsetting revisions. OPEC left its outlook for 2023 oil-demand growth unchanged from its August assessment at 2.7 million barrels a day. On the other side of the ledger, the organization said its estimate of non-OPEC liquids supply growth in 2022 remained broadly unchanged from last month’s assessment at 2.1 million barrels a day. The main drivers of liquids supply growth for 2022 are expected to be the U.S., Canada, China, Brazil and Guyana, while the main production declines are expected in Indonesia and Norway, OPEC said. In 2023, the forecast for non-OPEC liquids production growth remained unchanged from the August forecast of 1.7 million barrels a day.
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