The Organization of the Petroleum Exporting Countries (OPEC) reported that crude oil production increased by 203,000 barrels per day (bpd) in February, reaching an average of 26.57 million barrels per day. OPEC’s monthly oil market report, obtained by Punch Online, highlighted the changes in production levels across various member countries.
According to the report, crude oil output saw significant increases in Libya and Nigeria, with Libya experiencing the largest growth of around 144,000 bpd. Nigeria and Saudi Arabia also contributed to the rise in production by 47,000 bpd and 18,000 bpd, respectively. However, production decreased in Iran and Iraq by 15,000 bpd and 14,000 bpd, respectively.
OPEC maintained its crude oil demand forecast, projecting a demand of about 28.5 million bpd in 2024, representing an increase of 1.1 million bpd compared to 2023. Additionally, demand for OPEC crude in 2025 is expected to reach about 28.8 million bpd.
The report also provided insights into non-OPEC liquids production, which is forecasted to increase by around 1.1 million bpd to average 70.5 million bpd in 2024. This growth is attributed to several countries, including the US, Brazil, Canada, Russia, Kazakhstan, and Norway. However, Mexico and Angola are expected to experience significant declines in production.
Global oil demand is projected to reach 104.5 million bpd in 2024, supported by strong air travel demand, increased road mobility, and healthy industrial activities, particularly in non-OECD countries. In 2025, global oil demand is expected to see further growth of 1.8 million bpd, with the OECD and non-OECD regions contributing to this increase.
Overall, OPEC’s report provides insights into the current trends and forecasts in the global oil market, highlighting both production and demand dynamics across different regions.
