OPEC oil production increased in August
According to OPEC’s monthly oil market report, oil production increased by 113 thousand barrels per day in August compared to the previous month, reaching 27 million 450 thousand barrels.
The largest increase in production was recorded in Iran, Nigeria and Iraq. Daily oil production increased by 143 thousand barrels in Iran, 98 thousand barrels in Nigeria and 38 thousand barrels in Iraq.
Oil supply in Saudi Arabia, the group’s largest producer, decreased by 88 thousand barrels per day last month compared to July, by 60 thousand barrels in Angola and by 42 thousand barrels in Venezuela.
In August, the share of OPEC crude oil production in global output rose to 27.2 percent.
WORLD OIL PRODUCTION HAS NOT CHANGED
Global oil production was unchanged in August compared to July. Consequently, the world oil supply stood at approximately 100 million 700 thousand barrels in August. Production from non-OPEC countries decreased by 100 thousand barrels per day to 73 million 300 thousand barrels in the same period.
The number of wells drilled worldwide fell by 34 last month to 1,860. 6 drilling rigs were opened in OPEC countries, while the number of drilling rigs in non-OPEC countries decreased by 40.
THE EXPECTED RECOVERY IN CHINA WILL INCREASE CONSUMPTION
In the report, the global oil demand forecast for this year did not change. Consequently, global oil demand this year is expected to increase by 2.4 million barrels compared to last year and reach 102.1 million barrels.
Demand is estimated to increase by 120 thousand barrels per day in OECD countries this year compared to last year, reaching approximately 46.1 million barrels, and in non-OECD countries it will increase by 2.3 million barrels per day, reaching approximately 55.9 million barrels. .
Global oil demand is estimated to increase by 2.2 million barrels per day next year compared to this year, reaching an average of 104.3 million barrels per day. It is estimated that this increase will be the result of the acceleration of global economic growth following the expected economic recovery in China and the increase in oil consumption. (AA)