OPEC Increases Crude Oil production by 263,000 Bpd
Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) rose by 263,000 barrels per day (bpd) in July compared to the previous month, reaching 27.54 million bpd, according to the group’s latest Monthly Oil Market Report.
The report showed that the largest output increase came from Saudi Arabia, while Iraq recorded the biggest decline.
Saudi Arabia, the group’s top producer, increased its output by 170,000 bpd to 9.53 million bpd. Iraq’s production, meanwhile, declined by 51,000 bpd to 3.90 million bpd.
As a result, total OPEC crude output stood at 27.54 million bpd in July.
Meanwhile, total crude production by the OPEC+ group, which includes non-OPEC producers, rose by 335,000 bpd to 41.94 million bpd during the same period.
OPEC kept its forecast for global oil demand growth in 2025 unchanged, projecting an increase of around 1.3 million barrels per day (bpd) year-on-year to reach 105.14 million bpd.
Most of the growth is expected to come from non-OECD countries, where demand is projected to rise by 1.15 million bpd, while demand in OECD countries is forecast to grow by only 140,000 bpd.
Total demand from non-OECD countries is estimated at 59.33 million bpd, with OECD countries accounting for the remaining 45.8 million bpd.
In 2026, demand growth is expected to be around 1.23 million bpd in non-OECD countries and just 15,000 bpd in OECD economies. #OPEC Increases Crude Oil production by 263,000 Bpd#
Bitcoin Drips, Market Cap of All Crypto Falls to $3.94T
