The Organization of Petroleum Exporting Countries’ (OPEC) crude oil production decreased by 62,000 barrels per day (bpd), or by 0.23%, in March to average 26.71 million bpd, according to OPEC’s monthly oil market report released on Wednesday.
In April, crude oil output fell the most in Venezuela. Output in Venezuela declined by 34,000 bpd to 888,000.
The largest increases in production were recorded in Saudi Arabia with output rising by 49,000 reaching to 9.01 million.
Daily crude oil production from the OPEC+ group, which consists of OPEC members and some non-OPEC producing countries, decreased by 106,000 bpd to 40.91 million bpd in March.
– Global oil demand forecast for 2025 revised down
OPEC revised down its global oil demand growth forecast compared to the previous month’s assessment.
According to the report, world oil demand is expected to increase by 1.3 million bpd, to reach 105 million bpd this year.
In 2025, oil demand in the OECD is projected to grow only by 100,000 bpd to 45.76 million bpd, while in the non-OECD, oil demand growth is forecast to rise by around 1.19 million bpd to 59.24 million bpd.
