The Organization of the Petroleum Exporting Countries (OPEC) reported an increase in crude oil production to approximately 26.5 million barrels per day in February, marking a daily rise of 203 thousand barrels compared to the previous month. Sibel Morrow and Duygu Alhan provide insights into the latest developments in the global oil market.
According to OPEC’s monthly oil market report, Libya, Nigeria, and Saudi Arabia experienced the highest increases in crude oil production in February, while Iran led the list of countries with the most significant reduction in production. Following Iran, Iraq, Kuwait, and Equatorial Guinea also reported declines in daily oil output.
In Libya, daily oil production increased by 144 thousand barrels, Nigeria saw a rise of 47 thousand barrels, and Saudi Arabia recorded an increase of 18 thousand barrels. Conversely, during the same period, Iran’s oil production decreased by 15 thousand barrels, Iraq by 14 thousand barrels, Kuwait by 8 thousand barrels, and Equatorial Guinea by 4 thousand barrels.
OPEC’s crude oil production, in February, rose by approximately 203 thousand barrels per day compared to the previous month, reaching around 26.57 million barrels.
The demand for OPEC crude oil is anticipated to increase by 1.1 million barrels per day, reaching 28.5 million barrels per day this year, compared to the previous year. The forecast for the following year suggests a further increase to 28.8 million barrels per day.
Globally, the number of drilling rigs increased by 21 last month, reaching a total of 1,885. The rise was evident with 7 more drilling rigs in OPEC countries and 14 more in non-OPEC nations.
There is an expected growth in global oil demand this year, with an estimated increase of 2.25 million barrels per day, reaching 104.46 million barrels per day. The surge in demand is expected to stem from increased transportation in non-OECD countries, particularly in air and land travel, as well as growth in industrial, construction, and agricultural activities. Capacity expansions and petrochemical margins in non-OECD countries, including China and the Middle East, are expected to further impact the rise in demand.
Projections indicate that by 2025, global daily demand will see an additional increase of 1.85 million barrels, reaching 106.3 million barrels per day, with a daily increase of 100 thousand barrels in OECD countries and 1.7 million barrels in non-OECD countries.
source: aa.com.tr / prepared by Melisa Beğiç