Total crude oil production from the 13 members of the Organization of Petroleum Exporting Countries (OPEC), OPEC-13, increased by 273,000 barrels per day (bpd) month on month in September.
According to OPEC's monthly oil market report released on Thursday, total OPEC-13 crude oil production averaged 27.75 million bpd in September.
Crude oil output increased mainly in Nigeria and Saudi Arabia, while production decreased the most in Venezuela.
Nigeria increased production by 141,000 bpd and Saudi Arabia by 82,000 bpd, whereas output fell by 25,000 bpd in Venezuela last month.
The share of OPEC crude oil in total global production increased by 0.3 percentage points to stand at 27.6% in September.
Global oil production was largely unchanged last month, averaging 100.6 million bpd compared with the previous month.
Non-OPEC production, including OPEC NGLs, in September declined by around 300,000 bpd to an average of 72.9 million bpd.
'Production increases were mainly driven by Other Eurasia and the UK and were more than offset by drops in Russia and the US,' the report said.
Meanwhile, the global rig count totaled 1,830 in September, a decrease of 30 from August, with OPEC countries accounting for 428 rigs.
A total of 22 drilling rigs were closed in non-OPEC countries, while eight rigs were decommissioned in OPEC countries.
- Global oil demand forecasts for 2023 and 2024
Global oil demand forecasts for 2023 remained unchanged from the previous month's estimate.
According to the latest OPEC oil market report, global oil demand is anticipated to rise by 2.4 million bpd to average 102.1 million bpd in 2023.
Demand in the OECD region is expected to rise by 89,000 bpd to average 45.8 million bpd.
'Demand in OECD Americas is expected to witness the largest regional rise, led by the US, on the back of growing jet fuel demand and expanding gasoline requirements. Light distillates are also projected to support demand growth this year,' the report said.
In the non-OECD region, total oil demand is forecast to rise by about 2.3 million bpd to an average of 56.3 million bpd in 2023.
'A steady increase in transportation and industrial fuel demand, supported by a recovery in China’s activity as well as other non-OECD regions, is projected to boost demand in the region in 2023,' the report explained.
OPEC also predicted that solid global economic growth, amid continued improvements in China, would further boost oil consumption next year.
In 2024, global oil demand is expected to rise by 2.2 million bpd year on year to reach 104.3 million bpd.
Demand in the OECD region is also expected to increase by around 26,000 bpd to average 46.1 million bpd, while demand in the non-OECD region is anticipated to expand by almost 2 million bpd year on year to average 58.2 million bpd.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr