The Organization of Petroleum Exporting Countries’ (OPEC) crude oil production increased by 26,000 barrels per day (bpd), or by 0.1%, in December 2024 to average 26.74 million bpd, according to OPEC’s monthly oil market report released on Wednesday.
Crude oil output increased mainly in Libya, Nigeria, and Congo, while production declined in the UAE, Saudi Arabia, and Iraq.
Production in Libya increased by 53,000 bpd to about 1.29 million bpd. Output in Nigeria and Congo rose by 30,000 bpd and 16,000 bpd, respectively.
Whereas output in the UAE fell by 44,000 bpd to 2.91 million bpd. Last month, output in Saudi Arabia, the group’s largest producer, declined by 23,000 bpd, while output in Iraq fell by 22,000 bpd.
Daily crude oil production from the OPEC+ group, which consists of OPEC and some non-OPEC producing countries, decreased by 14,000 bpd to 40.65 million bpd.
Meanwhile, the number of global oil drilling rigs declined by 49, falling to 1,731. The number of drilling rigs in OPEC countries declined by 2 to 429.
– Global oil demand forecasts for 2025 remains unchanged
The global oil demand growth forecast for 2025 remained unchanged compared to the previous month’s assessment.
According to the report, world oil demand is expected to increase by 1.45 million bpd to reach 105.2 million bpd this year.
In 2025, oil demand in the OECD is projected to grow by around 110,000 bpd, while in the non-OECD oil demand growth is forecast to rise by around 1.34 million bpd year-on-year.
Global demand averaged around 103.75 million bpd in 2024, according to the report. OPEC had previously estimated it at around 103.82 million bpd.
