OPEC daily crude output up 0.6% in February

The Organization of Petroleum Exporting Countries’ (OPEC) crude oil production increased by 154,000 barrels per day (bpd), or by 0.6%, in February to average 26.86 million bpd, according to OPEC’s monthly oil market report released on Wednesday.

In February, crude oil output rose in all member countries, except for Gabon and Congo.

The largest increases in production were recorded in Iran and Nigeria, with output rising by 34,000 bpd in both countries to 3.3 million bpd and 1.56 million bpd, respectively.

Whereas output in Gabon fell by 6,000 bpd to 226,000 bpd and production in Congo declined by 1,000 bpd to 257,000 bpd.

Daily crude oil production from the OPEC+ group, which consists of OPEC members and some non-OPEC producing countries, increased by 363,000 bpd to around 41.01 million bpd.

– Global oil demand forecast 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, or by 1.4%, to reach 105.2 million bpd this year.

In 2025, oil demand in the OECD is projected to grow only by 110,000 bpd, while in the non-OECD oil demand growth is forecast to rise by around 1.34 million bpd year-on-year.

Demand in non-OECD countries is expected to reach 59.31 million bpd, while demand in OECD countries is forecast to total 45.88 million bpd, this year.

• OECD
• Organization of Petroleum Exporting Countries