OPEC’s oil supply rises by 80,000 barrels per day in October

Total crude oil production from the 13 members of the Organization of Petroleum Exporting Countries (OPEC), OPEC-13, increased by 80,000 barrels per day (bpd) month on month in October.

According to OPEC’s monthly oil market report released on Monday, total OPEC-13 crude oil production averaged 27.9 million bpd in October.

Crude oil output increased mainly in Angola, Iran and Nigeria, while production in Libya, Saudi Arabia and Kuwait decreased.

Angola increased its output by 51,000 barrels per day last month, while Iran and Nigeria saw increases of 46,000 and 17,000 barrels per day, respectively. In contrast, Saudi Arabia and Libya saw decreases of 26,000 bpd each, while Kuwait saw a drop of 24,000 bpd.

The share of OPEC crude oil in total global production stood at 27.5% in October.

Global oil production rose by 300,000 bpd during the same month, averaging 101.6 million bpd compared to September.

Non-OPEC production in October, including OPEC natural gas liquids, increased by around 200,000 bpd to an average of 73.9 million bpd.

‘Preliminary estimated production increases in October were mainly driven by Norway and the OECD Americas and were partially offset by drops in Russia and Brazil,’ the report said.

Meanwhile, the global rig count totaled 1,848 in October, an increase of 18 from September, with OPEC countries accounting for 436 rigs.

A total of eight drilling rigs were decommissioned in non-OPEC countries and 18 rigs in OPEC countries.

– Global oil demand forecasts for 2023 and 2024 are revised up

The OPEC group revised up its global oil demand forecast for 2023 to reflect a rise of 2.5 million bpd. Global oil demand is now predicted to average 102.1 million bpd this year.

In 2024, global oil demand is expected to rise by 2.2 million bpd year on year to reach 104.3 million bpd, as solid global economic growth amid continued improvements in China is expected to support oil consumption.

Demand in the OECD region is expected to increase by around 26,000 bpd to average 46.1 million bpd next year, while demand in the non-OECD region is anticipated to expand by almost 2 million bpd year on year to average 58.3 million bpd.

• Crude Oil
• OECD
• OPEC