While the largest increase in production was seen in Angola, Iran and Nigeria, production decreased in Libya, Saudi Arabia and Kuwait.

Daily oil production increased by 51 thousand barrels in Angola, 46 thousand barrels in Iran and 17 thousand barrels in Nigeria. Production decreased by 26 thousand barrels in Libya and Saudi Arabia and by 24 thousand barrels in Kuwait.

In October, the share of OPEC crude oil production in world production was 27.5 percent.

WORLD OIL PRODUCTION HAS NOT CHANGED

Consequently, world oil production increased in October by 270 thousand per day compared to the previous month and amounted to approximately 101.6 million barrels. Production from non-OPEC countries increased by approximately 200 thousand barrels per day to 73.7 million barrels in the same period. While Norway and the American OECD countries led the rise in this increase, production declined in Russia and Brazil.

The number of wells drilled in the world increased by 18 last month, to 1,848. The number of drilling rigs increased by 8 in OPEC countries and by 10 in non-OPEC countries.

OIL DEMAND WILL INCREASE IN 2024

The report also revised upward the forecast for global oil demand for this year.

Consequently, global oil demand this year is expected to increase by 2.5 million barrels compared to last year and reach 102.1 million barrels.

Next year, positive progress in China’s economic recovery is expected to support oil consumption. Consequently, global oil demand is expected to increase by 2.2 million barrels per day to approximately 104.3 million barrels.

Demand is estimated to increase by 260 thousand barrels per day in OECD countries next year, reaching approximately 46 million barrels, and in non-OECD countries it will increase by 2 million barrels per day, reaching approximately 58 .3 million barrels. (AA)