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OPEC holds forecast steady for global oil demand growth

The Organization of the Petroleum Exporting Countries (OPEC) kept its forecast for the increase in global oil demand for this year unchanged.

According to OPEC's monthly oil market report, global oil demand is expected to reach approximately 101 million 770 thousand barrels this year, increasing by 2 million 220 thousand barrels per day compared to last year.

It is considered that the expected economic recovery in China, where the Kovid-19 restrictions were lifted, will be effective in this increase. In some regions, it is predicted that there will be limited decreases in demand due to economic difficulties.

It is calculated that the demand will increase by 330 thousand barrels to 46 million 520 thousand barrels in the OECD region, and 55 million 250 thousand barrels, with an increase of 1 million 890 thousand barrels in non-OECD countries.

Global oil supply increased in December

According to the report, global oil supply rose to approximately 101 million 700 thousand barrels per day, with an increase of 300 thousand barrels per day compared to the previous month, and was 3 million 800 thousand barrels above the previous year's level.

The group's daily crude oil production, on the other hand, increased by 91 thousand barrels compared to the previous month and reached 28 million 971 thousand barrels. Thus, OPEC's share in global oil production was recorded as 28.5 percent.

During this period, crude oil production in OPEC increased the most in Nigeria. Kuwait, on the other hand, was the country where crude oil production decreased the most.

While daily production increased by 91 thousand barrels in Nigeria compared to the previous month in December, it decreased by 35 thousand barrels in Kuwait.

In the same period, daily oil production in non-OPEC countries increased by approximately 200 thousand barrels to 72 million 800 thousand barrels.

Photo: Unsplash

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