Crude oil production from OPEC member countries decreases by 0.3 percent last month
Date
7/11/2024 4:12:02 AM
(MENAFN) According to the latest monthly oil market report released by the Organization of the petroleum Exporting Countries (OPEC) on Wednesday, crude oil production from OPEC member countries decreased by 0.3 percent in June, equivalent to a decline of 80,000 barrels per day (bpd), averaging 26.57 million bpd. This reduction was primarily driven by lower output in Saudi Arabia, the largest producer within the group, where production fell by 76,000 bpd. Conversely, Libya and Venezuela saw the largest increases in production, rising by 24,000 bpd and 21,000 bpd, respectively.
Across the broader OPEC+ alliance, which includes both OPEC and several non-OPEC oil-producing nations, total daily crude oil production fell by 125,000 barrels to 40.80 million bpd in June.
Looking ahead, OPEC maintained its global oil demand growth forecast for 2024 at 2.25 million bpd compared to the previous month's assessment. The organization projected that global oil demand will reach 104.5 million bpd in 2024, supported by robust demand for air travel and strong road mobility, particularly in trucking sectors.
Specifically, oil demand in OECD countries is anticipated to increase by 190,000 bpd this year, reaching 45.84 million barrels, while non-OECD countries are expected to see demand rise by 2.06 million bpd to 58.62 million barrels. OPEC highlighted that additions to petrochemical capacity, particularly in non-OECD regions like China and the Middle East, are expected to contribute to this growth in demand.
Looking further into the future, OPEC's report also indicated a forecast for global oil demand to reach 106.31 million barrels per day in 2025, reflecting an increase of 1.85 million bpd compared to 2024 levels. This outlook underscores ongoing expectations for gradual growth in global oil consumption driven by economic activities and industrial demand across various regions.
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