The Organisation of Petroleum Exporting Countries (OPEC) has revealed that in February, crude oil production increased by 203,000 barrels per day (bpd) to an average of 26.57 million barrels per day.
OPEC, as per the monthly oil market report on Wednesday, decided to leave the crude oil demand forecast unchanged.
The report indicated that crude oil output saw a rise primarily in Libya and Nigeria, with a decrease in production in Iran and Iraq. The largest growth in production last month was observed in Libya, with an increase of around 144,000 bpd, while Nigeria and Saudi Arabia saw their output rise by 47,000 bpd and 18,000 bpd, respectively.
On Tuesday, the monthly oil market report revealed a decrease in production in Iran and Iraq by 15,000 bpd and 14,000 bpd, respectively.
It is further projected that the demand for OPEC crude will be approximately 28.5 million bpd in 2024, an increase of 1.1 million bpd compared to 2023, with an expected rise to about 28.8 million bpd in 2025.
Meanwhile, the non-OPEC output forecast for 2024 has been revised downward. OPEC natural gas liquids and non-conventional liquids production is expected to increase by around 60,000 bpd to average 5.5 million bpd this year, and an additional growth of 110,000 bpd is forecast for 2025 to an average 5.6 million bpd.”
By 2024, it is estimated that non-OPEC liquids output will increase by 1.1 million bpd, reaching an average of 70.5 million bpd.
By 2025, it is anticipated that non-OPEC liquids production will hit 71.9 million bpd, experiencing a growth rate of 1.4 million bpd. The US, Brazil, Canada, Russia, Kazakhstan, and Norway are expected to drive liquid supply growth, while production is forecasted to decline significantly in Mexico and Angola.
Oil demand in the OECD is set to grow by approximately 300,000 bpd year over year, with OECD Americas taking the lead and receiving further support from a minor increase in OECD Europe and Asia Pacific.
OPEC mentioned in its latest report that in the non-OECD, oil demand is anticipated to grow by 2 million bpd year over year, propelled by China and bolstered by the Middle East, other Asia, India, and Latin America.
