OPEC Crude Oil Output Increases in November –Report
The Organisation of Petroleum Exporting Countries (OPEC) crude oil production increased by 0.5%, 104,000 barrels per day (bpd), in November to average 26.66 million bpd, according to OPEC’s monthly oil market report released on Wednesday.
Crude oil output increased mainly in Libya, Iran and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased. Production in Libya increased by 141,000 barrels to about 1.24 million bpd. Output in Iran and Nigeria rose by 37,000 and 13,000 barrels, respectively.
Whereas output fell by 45,000 to 4.04 million bpd in Iraq. Last month, output in Saudi Arabia, the group’s largest producer, declined by 10,000 to 8.96 million bpd.
Total daily crude oil production of the OPEC+ group, which consists of OPEC and some non-OPEC producing countries, increased by 323,000 bpd to 40.66 million bpd.
Meanwhile, the number of global oil drilling rigs dropped by 46, reaching a total of 1,779. The number of drilling rigs in OPEC countries decreased by 5, dropping to 431. Global oil demand growth for 2025 is revised down by 90,000 bpd from the previous month’s assessment to 1.4 million bpd.
Total world oil demand is anticipated to reach 105.3 million bpd in 2025. The OECD is expected to grow by 0.1 million bpd, year-on-year, while demand in the non-OECD is forecast to rise by a much stronger 1.3 million bpd in 2025.
Global oil demand growth forecast for 2024 is also revised down by 210,000 bpd, from the previous month’s assessment. Total world oil demand is expected to increase by 1.6 million bpd, reaching 103.8 million bpd in 2024.
In 2024, oil demand in the OECD is projected to grow by more than 0.1 million bpd, mostly due to OECD Americas, supported by growth from OECD Europe.
In the non-OECD, oil demand growth is forecast to rise by around 1.5 million bpd, year-on-year, driven by China and supported by Other Asia, India, the Middle East and Latin America.
