OPEC: World oil production increases in November

According to the monthly OPEC oil market report, the group’s daily crude oil production decreased by 744,000 barrels in November compared to the previous month and went to 28,830,000 barrels.

OPEC’s share of world oil production was recorded at 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 decreased the most.

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

In the same period, daily oil production in non-OPEC countries increased by approximately 800,000 barrels to 72,700,000 barrels.

In this context, world oil supply rose to approximately 101,500,000 barrels per day, an increase of 43,000 barrels per day compared to the previous month, and was approximately 3,200,000 barrels above last year’s level.

FORECAST OF GLOBAL OIL DEMAND

According to the report, global oil demand is expected to reach 99,560,000 barrels this year. This year, 46.2 million barrels of daily global oil demand will come from the OECD region, while 53.36 million barrels is expected to come from non-OECD countries.

World oil demand is expected to increase by 2.25 million barrels per day compared to this year and reach approximately 101.8 million barrels next year. It is considered that geopolitical developments and the containment of the Covid-19 epidemic in China will be effective in this increase.

Demand is estimated to increase by 330,000 barrels to 46,530,000 barrels in the OECD region, and 55,270,000 barrels, with an increase of 1,910,000 barrels in non-OECD countries. (AA)