Crude oil production from the Organization of Petroleum Exporting Countries (OPEC) decreased by 0.6%, or by 197,000 barrels per day (bpd), in August to average 26.59 million bpd, according to OPEC's monthly oil market report released on Tuesday.
Crude oil output rose mainly in Nigeria, while production experienced the biggest fall in Libya.
Production in Nigeria increased by 57,000 bpd, whereas output fell by 219,000 bpd in Libya.
In the same period, production in Saudi Arabia, the group's largest producer, decreased by 25,000 to 8.98 million bpd.
Last month, total daily crude oil production of the OPEC+ group, which consists of OPEC and some non-OPEC producing countries, fell by 304,000 bpd to 40.65 million bpd.
- Global oil demand forecasts for 2024 and 2025
Global oil demand growth forecast for 2024 is revised down by 80,000 bpd, from the previous month's assessment.
Total world oil demand is anticipated to increase 2 million bpd to reach 104.24 million bpd in 2024 bolstered by strong air travel demand and road mobility, including trucking, as well as healthy industrial, construction and agricultural activities in non-OECD countries.
Refinery capacity additions in non-OECD countries, mostly in China and the Middle East, are also expected to contribute to oil demand growth.
In the report it is also stated that demand in OECD countries will increase by 130,000 bpd this year to 45.78 million bpd. In non-OECD countries, demand is expected to rise by 1.90 million bpd this year to 58.47 million bpd.
On the other hand, global demand is expected to reach 105.99 million bpd with an increase of 1.74 million bpd in 2025. This increase was 40,000 bpd below the demand growth forecasted by OPEC in the previous report.
In this period, demand is expected to increase by 110,000 bpd in OECD countries and by 1.64 million bpd in non-OECD countries.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr