The Organization of Petroleum Exporting Countries (OPEC) reported that global oil production increased by 1 million 700 thousand barrels per day in July compared to the previous month and reached approximately 100 million 500 thousand barrels.
According to the OPEC monthly oil market report, the group’s daily crude oil production increased by 162 thousand barrels in July compared to the previous month and reached approximately 28 million 840 thousand barrels.
OPEC’s share in global oil production was recorded as 28.7 percent. This figure was 28.8 percent in the previous month.
During this period, crude oil production within OPEC increased the most in Saudi Arabia, Kuwait and the United Arab Emirates (UAE). Venezuela, Libya and Angola were the countries where crude oil production decreased the most.
Daily production increased by 136 thousand barrels in Saudi Arabia and 48 thousand barrels in Kuwait and the UAE last month compared to the previous month. Production decreased by 45 thousand barrels in Venezuela and 23 thousand barrels in Libya and Angola.
In the same period, daily oil production in non-OPEC countries increased by 1 million 500 thousand barrels to approximately 71 million 700 thousand barrels. This figure was 2 million 400 thousand barrels above the level in the same period of last year.
In this context, global oil supply increased by 1 million 700 thousand barrels per day in July compared to the previous month and amounted to approximately 100 million 500 thousand barrels.
Global oil demand forecast down
OPEC reduced global oil demand by 300,000 barrels from its forecast last month. Accordingly, global oil demand is expected to reach 100 million 30 thousand barrels this year, with an increase of 3 million 100 thousand barrels on a daily basis compared to last year.
In the OECD region, it is predicted that the daily oil demand will increase by 1 million 600 thousand barrels compared to last year, and 1 million 500 thousand barrels in non-OECD countries.
Next year, with the epidemic under control in China, global economic growth expectations are expected to increase oil consumption. Accordingly, it is predicted that global oil demand will increase by 2 million 700 thousand barrels per day and reach 102 million 720 thousand barrels.
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