OPEC's oil production fell by 57 thousand barrels per day in November

According to OPEC's monthly oil market report, the countries with the largest increases in crude oil production in November were Venezuela, Libya, and Kuwait, while the largest decreases were seen in Iraq, Angola, and Nigeria.

Daily oil production increased by 23 thousand barrels in Venezuela, 21 thousand barrels in Libya, and 19 thousand barrels in Kuwait. Production decreased by 77 thousand barrels in Iraq, 37 thousand barrels in Angola, and 17 thousand barrels in Nigeria.

In November, OPEC's share of global crude oil production was recorded at 27.4 percent.

Production in non-OPEC countries increased by approximately 400 thousand barrels per day during the same period, reaching approximately 73 million 900 thousand barrels.

While the largest increase in this production, which is approximately 900 thousand barrels higher compared to last year, was recorded in other Asian countries and Canada, production decreased in Russia and Kazakhstan.

Accordingly, global oil production increased by 400 thousand barrels per day in November compared to the previous month, reaching a level of approximately 101.7 million barrels.

The number of oil drilling rigs worldwide increased by 17 last month to 1,865. The number of drilling rigs increased by 13 in OPEC countries and by 4 in non-OPEC countries.

OIL DEMAND TO INCREASE IN 2024

In the report, the global oil demand forecast for this year remained unchanged. Accordingly, global oil demand is estimated to increase by 2.5 million barrels compared to last year, reaching 102.1 million barrels.

For next year, it is projected that the expected improvement in China's economic outlook will play a locomotive role in global economic growth, thereby increasing global oil consumption. Accordingly, global oil demand is expected to increase by 2.2 million barrels per day to approximately 104.4 million barrels.

It is calculated that demand in OECD countries will increase by 300 thousand barrels per day next year compared to this year, reaching approximately 46 million 100 thousand barrels, while it will increase by 1.9 million barrels per day in non-OECD countries, reaching approximately 58.3 million barrels.

It is estimated that the increasing momentum in economic and production activities in China, other Asian and Middle Eastern countries, as well as India and Latin America, along with improvements in transportation activities, will support the increase in demand.

In terms of petroleum products, transportation fuels, consisting of jet fuel, gasoline, and diesel, are expected to drive the increase in demand. Furthermore, the increase in the use of petrochemical feedstocks is also projected to support the rise in demand.

News Source: 12punto