OPEC expects to increase oil output in 2023 by nearly 1 million barrels per day due to rising global demand.
“In 2023, expectations for healthy global economic growth amidst improvements in geopolitical developments, combined with expected improvements in the containment of COVID-19 in China, are expected to boost consumption of oil,” the organization said in its monthly report released on July 12.
Year over year, world oil demand is anticipated to rise by 2.7 million barrels per day (bpd), and overall demand is projected to reach 103 million bpd, OPEC said in its report.
Non-OPEC supply is expected to increase by 1.76 million bpd in 2023, with OPEC having to chip in an additional 940,000 barrels daily. In total, OPEC production is expected to be at 30.1 million barrels per day in 2023, up from 29.2 million barrels in 2022….