The Organization of the Petroleum Exporting Countries (OPEC) recorded a significant increase in crude oil production in June. According to the organization's monthly report, daily output rose by 3.051 million barrels compared to the previous month, reaching 22.002 million barrels.
The production increase was led by the United Arab Emirates, Kuwait, and Iraq. The UAE's daily output rose by 1.642 million barrels to 3.809 million barrels, Kuwait's by 880,000 barrels to 1.452 million barrels, and Iraq's by 446,000 barrels to 1.970 million barrels.
Production also increased in Iran, Libya, Gabon, Nigeria, and Algeria. Iran's daily output rose by 155,000 barrels to 2.441 million barrels, Libya's by 22,000 barrels to 1.325 million barrels, Gabon's by 10,000 barrels to 224,000 barrels, and Nigeria's and Algeria's each by 5,000 barrels to 1.559 million and 987,000 barrels, respectively.
However, some member countries saw production declines. Saudi Arabia's daily output fell by 99,000 barrels to 6.847 million barrels, Equatorial Guinea's and Congo's each by 7,000 barrels to 44,000 and 274,000 barrels, respectively, and Venezuela's by 1,000 barrels to 1.070 million barrels.
The total daily crude oil production of the OPEC+ group, which includes OPEC and its allies, also rose by 2.999 million barrels in June to 36.278 million barrels.
Global Demand Expected to Rise
The OPEC report also forecasts an increase in global oil demand. The organization estimates that global demand will rise by 780,000 barrels per day this year compared to last year, reaching 105.940 million barrels per day. This increase is expected to be 740,000 barrels per day in non-OECD countries and 40,000 barrels per day in OECD countries.
Next year, global oil demand is expected to increase by an additional 1.940 million barrels per day to around 107.880 million barrels per day.
