Crude oil production from the Organization of Petroleum Exporting Countries (OPEC) increased by 1.9%, or by 466,000 barrels per day (bpd), in October to average 26.53 million bpd, according to OPEC’s monthly oil market report released on Tuesday.
Crude oil output rose mainly in Libya, while production experienced the biggest fall in Iran.
Production in Libya increased by 556,000 to 1.96 million bpd, whereas output fell by 68,000 to 3.26 million bpd in Iran.
In the same period, output in Saudi Arabia, the group’s largest producer, rose by 4,000 to 8.97 million bpd.
Last month, total daily crude oil production of the OPEC+ group, which consists of OPEC and some non-OPEC producing countries, increased by 215,000 bpd to 40.33 million bpd.
Meanwhile, the number of global oil drilling rigs increased by 4, reaching a total of 1,825. The number of drilling rigs in OPEC countries decreased by 5, dropping to 436.
– Global oil demand forecasts for 2024 and 2025
Global oil demand growth forecast for 2024 is revised down by 107,000 bpd, from the previous month’s assessment.
Total world oil demand is expected to increase by 1.8 million bpd, reaching 104 million bpd in 2024, supported by strong transportation fuel demand and ongoing healthy economic growth, particularly in several non-OECD countries.
Similarly, additions to refinery capacity and petrochemical margins – mainly in China and the Middle East – are expected to contribute to oil demand growth.
In the report it is also stated that demand in OECD countries will increase by 200,000 bpd this year. In non-OECD countries, demand is expected to rise by 1.7 million bpd this year.
Moreover, global demand is expected to reach 105.60 million bpd with an increase of 1.5 million bpd in 2025. This increase was 103,000 bpd below the demand growth forecasted by OPEC in the previous report.
In this period, demand is expected to increase by 100,000 bpd in OECD countries and by 1.4 million bpd in non-OECD countries.
