Decline in OPEC Oil Production by 604,000 Barrels per Day – Breaking Update
According to the latest monthly oil market report from OPEC, there have been significant changes in crude oil production in various countries. The report highlights that Iran experienced the biggest increase in crude oil production in September, while Libya saw the largest decrease.
In Iran, crude oil production rose by 21 thousand barrels per day, bringing the total to 3 million 316 thousand barrels. On the other hand, Libya’s production decreased by 410 thousand barrels per day, dropping to 540 thousand barrels. Saudi Arabia, the largest oil producer in the OPEC group, also saw a decrease in production by 23 thousand barrels per day, reaching 8 million 971 thousand barrels.
Overall, OPEC’s crude oil production fell by 604 thousand barrels per day in September, reaching 26 million 40 thousand barrels. The total daily production of the OPEC+ group, which includes both OPEC and non-OPEC countries, stood at 40 million 104 thousand barrels, a decrease of 557 thousand barrels compared to the previous month.
Furthermore, OPEC has revised its global oil demand forecast downwards, predicting an increase of 1 million 930 thousand barrels per day this year compared to last year, totaling 104 million 140 thousand barrels. The demand in OECD countries is expected to rise by 130 thousand barrels per day to 45 million 780 thousand barrels, while non-OECD countries are projected to see an increase of 1 million 800 thousand barrels per day, reaching 58 million 360 thousand barrels.
Looking ahead to 2025, global oil demand is anticipated to increase by 1 million 640 thousand barrels per day, totaling 105 million 780 thousand barrels. This forecast is slightly lower than the previous report, with OECD countries expecting an increase of approximately 110 thousand barrels per day and non-OECD countries projecting a rise of 1 million 540 thousand barrels per day.
As the oil market continues to fluctuate, these updates from OPEC provide valuable insights into the shifting landscape of global oil production and demand.
