The Organization of the Petroleum Exporting Countries (OPEC) saw a significant increase in its daily crude oil production in October. According to OPEC's monthly oil market report, the organization's crude oil production increased by 1 million 965 thousand barrels per day compared to the previous month, reaching 27 million 164 thousand barrels.
The report stated that Saudi Arabia accounted for the largest share of the production increase. Saudi Arabia's daily production rose by 1 million 182 thousand barrels, exceeding 9 million barrels. This country was followed by Iraq with an increase of 496 thousand barrels per day and Kuwait with an increase of 232 thousand barrels.
Among the countries with declining production, Iran stood out. Iran's daily production fell by 44 thousand barrels to 1 million 914 thousand barrels. Production in Nigeria decreased by 27 thousand barrels per day, and in Congo by 15 thousand barrels.
The total daily crude oil production of the OPEC+ group, which consists of OPEC and some non-OPEC producing countries, was recorded as 41 million 230 thousand barrels in the same period, an increase of 2 million 35 thousand barrels.
DEMAND FORECASTS REMAIN UNCHANGED
OPEC did not change its growth forecasts for global oil demand for this year and next year. According to the report, global oil demand is expected to reach 105 million 720 thousand barrels per day this year, an increase of approximately 180 thousand barrels compared to last year.
It is projected that demand in non-OECD countries will increase by 410 thousand barrels per day to 59 million 620 thousand barrels this year, while it will decrease by 230 thousand barrels in OECD countries to 46 million 100 thousand barrels.
The global oil demand expectation for next year was also maintained. OPEC estimates that demand will reach 108 million 280 thousand barrels per day in 2027, an increase of 2 million 550 thousand barrels compared to this year. In the same period, demand is expected to increase by 2 million 10 thousand barrels per day in non-OECD countries and by 540 thousand barrels in OECD countries.
News Source: 12punto
