According to OPEC's monthly oil market report, daily crude oil production in June rose by 3 million 51 thousand barrels compared to the previous month, reaching 22 million 2 thousand barrels.
The most notable increases in production were recorded in the United Arab Emirates, Kuwait, and Iraq. The UAE's daily output rose by 1 million 642 thousand barrels to 3 million 809 thousand barrels, Kuwait's by 880 thousand barrels to 1 million 452 thousand barrels, and Iraq's by 446 thousand barrels to 1 million 970 thousand barrels.
Production also increased in Iran, Libya, Gabon, Nigeria, and Algeria. Iran's daily output rose by 155 thousand barrels to 2 million 441 thousand barrels, Libya's by 22 thousand barrels to 1 million 325 thousand barrels, Gabon's by 10 thousand barrels to 224 thousand barrels, and Nigeria's and Algeria's each by 5 thousand barrels to 1 million 559 thousand and 987 thousand barrels, respectively.
In contrast, production fell in Saudi Arabia, Equatorial Guinea, Congo, and Venezuela. Saudi Arabia's daily output decreased by 99 thousand barrels to 6 million 847 thousand barrels, Equatorial Guinea's and Congo's each by 7 thousand barrels to 44 thousand and 274 thousand barrels, respectively, and Venezuela's by 1 thousand barrels to 1 million 70 thousand barrels.
The daily crude oil production of the OPEC+ group, which includes OPEC and some non-OPEC producers, also rose by 2 million 999 thousand barrels in the same period, reaching 36 million 278 thousand barrels.
Global Oil Demand Expected to Increase
According to the OPEC report, global oil demand is projected to increase by 780 thousand barrels per day this year compared to last year, reaching 105 million 940 thousand barrels. Demand is estimated to rise by 740 thousand barrels per day in non-OECD countries to 59 million 950 thousand barrels, and by 40 thousand barrels per day in OECD countries to 45 million 990 thousand barrels.
For next year, global demand is calculated to increase by 1 million 940 thousand barrels per day to approximately 107 million 880 thousand barrels.
