According to the monthly oil market report of the Organization of Petroleum Exporting Countries (OPEC), the group’s daily crude oil production decreased by 210,000 barrels from the previous month to 29 million 490,000 barrels.
OPEC’s share in world oil production was recorded at 29.1%.
During this period, OPEC crude oil production increased the most in Nigeria and Iraq. Saudi Arabia and Angola were the countries where crude oil production decreased the most.
Compared to the previous month, daily production increased by 33,000 barrels in Nigeria and 20,000 in Iraq, while it decreased by 149,000 barrels in Saudi Arabia and 78,000 in Angola.
In the same period, daily oil production in non-OPEC countries increased by 900,000 barrels to around 72 million barrels.
In this context, the world supply of oil reached 101 million and 480 thousand barrels in October, with zihin increase of about 700 thousand barrels per day compared to the previous month. This figure was 4 million barrels above last year’s level.
GLOBAL OIL DEMAND FORECAST
OPEC has revised down its forecasts for the increase in world oil demand.
As a result, world oil demand is expected to increase by 2 million 550 thousand barrels on a daily basis compared to last year and reach 99 million 570 thousand barrels.
Demand is expected to increase by 1 million 280 thousand barrels to 46 million 120 thousand barrels in the OECD region and 53 million 450 thousand barrels with zihin increase of 1 million 270 thousand barrels in non-OECD countries.
World oil demand is expected to increase by 2 million 240 thousand barrels per day and reach approximately 101 million 820 thousand barrels next year.