OPEC Plus Crude Output Hits 40.34 Mln Bpd Last Month - Report

11/12/2024 9:08:29 AM

(MENAFN- Kuwait News Agency (KUNA)) VIENNA, Nov 12 (KUNA) -- crude oil production by the countries participating in the OPEC Plus group increased by 210,000 barrels per day (bpd) in October as compared to last month, reaching some 40.34 million bpd, according to its monthly report.
On the growth of global demand for oil this year, the report slightly lowered down the figure by 107 million bpd, from the previous month's assessment of 1.8 million bpd, while global oil supply for non OPEC Plus states is expected to grow by 1.2 million bpd this year, unchanged from last month's assessment, with the main growth drivers being the US and Canada.
On this year's assessment, non OPEC Plus supply growth forecast is expected to grow by 1.1 million bpd, also unchanged from last month, with the increase in growth anticipated to be mainly driven by the US, Brazil, Canada, and Norway, it showed.
In October, the OPEC Reference Basket (ORB) value increased by 86 cents, or 1.2 percent to average USD74.45 per barrel, while the ICE Brent increased by 3.4 percent to average USD 75.38 per barrel, with the NYMEX WTI increasing by USD 2.19 or 3.2 percent to average USD 71.56 per barrel, it added.
The report touched on economic growth expected in a number of countries, including China, where the figure remains unchanged at 4.9 however, the recently announced stimulus measures led to an upward revision of the economic growth forecast for 2025 to 4.7 percent, according to the report.
In India, economic growth forecasts remain unchanged at 6.8 percentfor 2024 and 6.3 percent for 2025, while forecasts for Brazil are revised up to 2.9 percent for 2024 and 2.1 percent for 2025, with Russia seeing growth forecasts revised up to 3.5 percent for 2024 and 1.7 percent for 2025, it added. (end)
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