OPEC: world oil production increased

SHAFAQNA TURKEY- According to OPEC’s monthly oil market report, the group’s daily crude oil production decreased by 744 thousand barrels in November compared to the previous month and amounted to 28 million 830 thousand barrels.

The share of OPEC in world oil production amounted to 28.4 percent.

During this period, OPEC crude oil production increased the most in Nigeria. Saudi Arabia, on the other hand, was the country where crude oil production declined the most.

While daily production in Nigeria increased by 92,000 barrels from the previous month in November, it fell by 404,000 barrels in Saudi Arabia.

During the same period, non-OPEC daily oil production rose by about 800,000 barrels to 72,700,000 barrels.

Against this background, world oil supplies rose to about 101 million 500 thousand barrels per day, which is 43 thousand barrels per day more than in the previous month and was about 3 million 200 thousand barrels higher than last year’s level.

World Oil Demand Forecast

According to the report, global demand for oil this year is expected to reach 99 million 560 thousand barrels. This year, 46 million 200 thousand barrels of daily global oil demand will come from the OECD region, while 53 million 360 thousand barrels are expected to come from non-OECD countries.

Global oil demand is expected to increase by 2,250,000 barrels per day compared to this year and reach about 101,800,000 barrels next year. It is believed that geopolitical developments and the containment of the Covid-19 epidemic in China will contribute to this growth.

It is estimated that demand will increase by 330 thousand barrels to 46 million 530 thousand barrels in the OECD region and to 55 million 270 thousand barrels, with an increase of 1 million 910 thousand barrels in non-OECD countries.