OPEC says global oil supply rises in June

Global oil supply rose by 600,000 barrels per day (bpd) in June, averaging 101.2 million bpd, according to the Organization of Petroleum Exporting Countries’ (OPEC) most recent monthly oil market report on Thursday.

Global output last month was around 2.2 million bpd up from last year.

Total crude oil production from the 13 member countries of the OPEC group, or OPEC-13, averaged 28.19 million bpd in June, 91,000 bpd higher than the previous month, according to secondary sources.

Crude oil output increased mainly in Iran and Iraq, while production in Angola and Algeria declined.

Production in Iran fell by 56,000 bpd, followed by Iraq by 54,000 bpd. Output in Angola last month rose by 46,000 bpd and in Algeria by 16,000 bpd.

The share of OPEC crude oil in total global production decreased by 0.1 percentage points (pp) to stand at 27.9% in June.

Meanwhile, the global rig count totaled 1,884 in June, an increase of 27 from May, with OPEC countries accounting for 423 rigs.

-Global oil demand rises

OPEC forecasts around 2.4 million bpd of global oil demand in 2023 to reach 102 million bpd, slightly adjusted up from last month’s estimate of 2.3 million bpd.

The projected demand increase is attributed to China’s oil demand during the second quarter of the year.

Demand for OPEC crude in 2023 was lightly revised up from the previous assessment to stand at 29.4 million bpd, around 1 million bpd higher than in 2022.

In 2024, demand for OPEC crude is expected to reach 30.2 million bpd, 800,000 bpd higher than the estimated level in 2023.

• Organization of Petroleum Exporting Countries (OPEC)