Crude oil production from the Organization of Petroleum Exporting Countries (OPEC) declined by 0.18%, or 48,000 barrels per day (bpd), in April to average 26.58 million bpd, according to OPEC's monthly oil market report released on Tuesday.
Crude oil output increased last month mainly in the Republic of the Congo and Iran, while production in Nigeria, Iraq and Venezuela fell.
Production in Nigeria and Iraq declined by 46,000 bpd and 32,000 bpd, respectively, while output in Venezuela dropped by 13,000 bpd.
Production in the Republic of the Congo and Iran in April rose by 21,000 bpd and 14,000 bpd, respectively.
Production in Saudi Arabia, the group's largest producer, increased by only 2,000 bpd last month.
The number of oil rigs in the world fell by 60 last month to 1,797, and the number of drilling rigs declined by 4 in OPEC countries and by 56 in non-OPEC countries.
- Global oil demand forecasts for 2024 and 2025
The global oil demand growth forecast for 2024 remains broadly unchanged from last month's assessment at 2.2 million bpd year on year, OPEC said.
Total world oil demand is projected to reach 104.5 million bpd, 'supported by strong air travel demand and healthy road mobility, including trucking, as well as industrial, construction and agricultural activities in non-OECD countries,' the organization said.
Demand in the OECD is expected to expand by nearly 300,000 bpd, while demand in the non-OECD is forecast to grow by about 2 million bpd.
'Similarly, petrochemical capacity additions in non-OECD countries—mostly China and the Middle East—are anticipated to contribute to oil demand growth. This forecast is subject to many uncertainties, however, including the trajectory of global economic developments,' according to the report.
Global oil demand growth in 2025 is also projected to remain robust at 1.8 million bpd year on year, unchanged from the previous month's assessment.
OECD demand is expected to grow by 100,000 bpd year on year, while demand in the non-OECD is forecast to increase by 1.7 million bpd.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr