Crude oil production from the Organization of Petroleum Exporting Countries (OPEC) increased by 0.7%, or by 185,000 barrels per day (bpd), in July to average 26.75 million bpd, according to OPEC’s monthly oil market report released on Monday.
Crude oil output rose mainly in Saudi Arabia, while production experienced the biggest fall in Libya.
Production in Saudi Arabia, the group’s largest producer, increased by 97,000 bpd, whereas output fell by 19,000 bpd in Libya.
Last month, total daily crude oil production of the OPEC+ group, which consists of OPEC and some non-OPEC producing countries, rose by 117,000 bpd to 40.91 million bpd.
– Global oil demand forecasts for 2024 and 2025
Global oil demand growth forecast for 2024 is revised down by 135,000 bpd, from the previous month’s assessment.
Total world oil demand is anticipated to reach 104.3 million bpd in 2024, bolstered by actual data received for the first and in some cases second quarter of this year, as well as softening expectations for China’s oil demand growth this year.
Demand in OECD countries will increase by 160,000 bpd this year to 45.81 million bpd. In non-OECD countries, demand is expected to rise by 1.95 million bpd this year to 58.51 million bpd.
Petrochemical feedstock requirements for liquefied petroleum gas and healthy driving mobility requirements for gasoline are also predicted to contribute to this rise.
Global demand is expected to reach 106.11 million bpd with an increase of 1.78 million bpd in 2025. This increase was 60,000 bpd below the demand growth forecasted by OPEC in the previous report.
In this period, demand is expected to increase by 110,000 bpd in OECD countries and by 1.68 million bpd in non-OECD countries.
