OPEC oil production decreased

OPEC oil production decreased

According to OPEC’s monthly oil market report, crude oil production in January decreased the most in Libya, Kuwait, Iraq and Algeria. The United Arab Emirates was among the countries where production increased. This country was followed by Saudi Arabia, the group’s largest producer.

Daily oil production decreased by 162 thousand barrels in Libya, 109 thousand barrels in Kuwait, 98 thousand barrels in Iraq and 46 thousand barrels in Algeria. In the same period, the daily production of the United Arab Emirates increased by 31 thousand barrels and the production of Saudi Arabia increased by 25 thousand barrels.

The share of OPEC crude oil in total global production decreased by 0.2 percent last month compared to the previous month, reaching 25.9 percent.

This year, demand for OPEC crude oil is expected to increase by 1 million barrels per day compared to last year, reaching 28.4 million barrels. It is predicted that this level will rise to 28.8 million barrels per day next year.

The number of drilling wells in the world increased by 63 last month, reaching 1864. The number of drilling rigs increased by 12 in OPEC countries and by 51 in non-OPEC countries.

GLOBAL OIL DEMAND

This year, global oil demand is estimated to increase by 2 million 240 thousand barrels compared to last year, reaching 104 million 400 thousand barrels.

It is predicted that the growth in oil demand will result from the increase in air and road transportation and industrial, construction and agricultural activities. In addition, capacity increases and petrochemical margins are expected to have an impact on demand in non-OECD countries, especially China and the Middle East.

It is predicted that global demand will increase by 1 million 850 thousand barrels per day to 106 million 250 thousand barrels in 2025, and will increase by 100 thousand barrels per day in OECD countries and by 1 million 740 thousand barrels per day in non-OECD countries.



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