OPEC raised crude oil production to 26.57 million barrels

OPEC crude oil production rose to approximately 26.57 million barrels per day in February, up 203,000 barrels per day from the previous month. According to OPEC's monthly oil market report, crude oil production in February increased most significantly in Libya, Nigeria and Saudi Arabia. Iran saw the largest production declines, followed by Iraq, Kuwait and Equatorial Guinea. Daily oil production rose by 144,000 barrels in Libya, 47,000 barrels in Nigeria and 18,000 barrels in Saudi Arabia. Over the same period, crude production fell by 15,000 barrels in Iran, 14,000 barrels in Iraq, 8,000 barrels in Kuwait and 4,000 barrels in Equatorial Guinea. OPEC crude oil production increased by 203,000 barrels per day in February compared to the previous month, reaching approximately 26.57 million barrels per day. Demand for OPEC crude is estimated to reach 28.5 million barrels per day this year, up 1.1 million barrels per day year-on-year. This figure is expected to reach 28.8 million barrels per day next year. The number of drilling rigs worldwide increased by 21 last month to 1,885. Drilling rig numbers rose by 7 in OPEC countries and by 14 in non-OPEC countries.

Growth in global oil demand

Global oil demand is expected to rise by 2.25 million barrels to 104.46 million barrels this year compared to last year. Growth in oil demand is anticipated to stem particularly from increased air and road transport in non-OECD countries as well as expansion in industrial, construction and agricultural activity. In addition, capacity increases and petrochemical margins in non-OECD countries, notably China and the Middle East, are expected to support rising demand. Global demand is projected to increase by 1.85 million barrels per day in 2025 to reach 106.3 million barrels per day, with growth of 100,000 barrels per day in OECD countries and 1.7 million barrels per day in non-OECD countries. Source