According to OPEC’s monthly oil market report, crude oil production declined the most in Libya, Kuwait, Iraq and Algeria in January. The United Arab Emirates was at the top of the countries where production increased. This country was followed by Saudi Arabia, the largest producer of the group.
Daily oil production decreased by 162 thousand barrels in Libya, 109 thousand barrels in Kuwait, 98 thousand barrels in Iraq and 46 thousand barrels in Algeria. In the same period, the daily production of the United Arab Emirates increased by 31 thousand barrels and Saudi Arabia’s production increased by 25 thousand barrels.
The share of OPEC crude oil in total global production decreased by 0.2 percent last month compared to the previous month to 25.9 percent.
Demand for OPEC crude oil this year is expected to increase by 1 million barrels per day compared to last year to 28.4 million barrels per day. This level is expected to rise to 28.8 million barrels per day next year.
The number of drilling rigs in the world increased by 63 last month to 1864. The number of drilling rigs increased by 12 in OPEC countries and 51 in non-OPEC countries.
Global oil demand
This year, global oil demand is estimated to increase by 2 million 240 thousand barrels compared to last year, reaching 104 million 400 thousand barrels.
The growth in oil demand is expected to be driven by increases in air and road transportation as well as industrial, construction and agricultural activities. In addition, capacity increases and petrochemical margins in non-OECD countries, especially China and the Middle East, are expected to have an impact on demand.
Global demand is projected to increase by 1 million 850 thousand barrels per day to 106 million 250 thousand barrels in 2025, with a daily increase of 100 thousand barrels in OECD countries and 1 million 740 thousand barrels in non-OECD countries.
