OPEC Oil Output Falls as Members Missed Quotas
The Organization of Petroleum Exporting Countries’ (OPEC) crude oil production fell by 121,000 barrels per day (bpd), or by 0.4%, in January to average 26.68 million bpd, according to OPEC’s monthly oil market report released on Wednesday.
Crude oil output decreased mainly in the UAE, Nigeria, and Venezuela, while production rose in Libya, Gabon and Congo.Production in the UAE fell by 37,000 bpd to about 2.93 million bpd. Output in Nigeria and Venezuela decreased by 29,000 bpd and 17,000 bpd, respectively.
Whereas output in Libya increased by 17,000 bpd to reach 1.27 million bpd. Last month, output in Gabon and Congo also rose by 1,000 bpd each. Daily crude oil production from the OPEC+ group, which consists of OPEC and some non-OPEC producing countries, decreased by 118,000 bpd in January to 40.62 million bpd.
Meanwhile, the number of global oil drilling rigs increased by 36 to 1,767. The number of drilling rigs in OPEC countries rose by 13 to 442.
OPEC maintained its global oil demand growth forecast for 2025, unchanged from last month’s assessment. According to the report, world oil demand is expected to increase by 1.45 million bpd to reach 105.2 million bpd this year.
In 2025, oil demand in the OECD is projected to grow by around 110,000 bpd, while non-OECD oil demand growth is forecast to rise by around 1.34 million bpd year-on-year.
According to the report, global oil demand averaged around 103.75 million bpd in 2024, in line with the previous forecast. #OPEC Oil Output Falls as Members Missed Quotas OPEC Downgrades 2025 Forecast for U.S. Oil
