Total crude oil production from the 13 member countries of the OPEC group, OPEC-13, decreased in July by 836,000 barrels per day (bpd) month on month, according to the monthly oil market report released by the Organization of Petroleum Exporting Countries (OPEC) on Thursday.
The report, citing available secondary sources, said the group's overall production averaged 27.31 million bpd last month.
Crude oil output decreased mainly in Saudi Arabia, Libya and Nigeria, while production in Iran, Angola and Iraq increased. Production in Saudi Arabia fell by 968,000 bpd, followed by Libya with 52,000 bpd and Nigeria with 40,000 bpd. Last month, output in Iran increased by 68,000 bpd, in Angola by 56,000 bpd, and in Iraq by 40,000 bpd.
The share of OPEC crude oil in total global production decreased by 0.8 percentage points to stand at 27.1% in July.
-Global oil supplies decline in July
Global oil supply declined by 200,000 bpd in July from the previous month, averaging 100.7 million bpd.
Non-OPEC production in July is estimated to have increased month on month by 700,000 bpd to an average of 73.4 million bpd.
Russia and China were mostly responsible for July's output declines, which were more than offset by gains in Canada, Other Eurasia and Other Asia.
Meanwhile, the global rig count totaled 1,889 in July, an increase of 5 from June, with OPEC countries accounting for 426 rigs.
- Global oil demand slightly revised down
Global oil demand forecasts for 2023 and 2024 saw minimal revisions from the previous month's estimate.
According to the current OPEC oil market report, global oil demand is anticipated to rise by 2.4 million bpd to an average of 102 million bpd in 2023. For 2024, demand is forecast to grow by 2.2 million bpd to reach 104.3 million bpd.
OPEC crude demand this year was lowered by 100,000 bpd from the previous estimate to 29.3 million bpd. This is around 900,000 bpd higher than in 2022.
The report also revised down demand for OPEC crude in 2024 by 100,000 bpd from the previous month to stand at 30.1 million bpd, which is 800,000 bpd higher than the estimated level in 2023.
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr