OPEC's daily crude oil production increased by nearly 2 million barrels in October

According to OPEC's monthly oil market report, the highest increase in production last month was seen in Saudi Arabia. The country's daily production increased by 1 million 182 thousand barrels and exceeded 9 million barrels. Saudi Arabia was followed by Iraq with an increase of 496 thousand barrels per day and Kuwait with an increase of 232 thousand barrels per day.

Among the countries whose production decreased, Iran ranked first. Iran's daily production decreased by 44 thousand barrels to 1 million 914 thousand barrels. Production dropped by 27 thousand barrels per day in Nigeria and 15 thousand barrels per day in Congo.

OPEC's daily crude oil production was calculated as 27 million 164 thousand barrels in October, an increase of 1 million 965 thousand barrels compared to the previous month.

On the other hand, the total daily crude oil production of the OPEC + group, consisting of OPEC and some non-OPEC producer countries, increased by 2 million 35 thousand barrels in the same period and was recorded as 41 million 230 thousand barrels.

OPEC keeps global oil demand growth forecasts steady

OPEC did not change its global oil demand increase forecasts for this year and next year compared to its previous report.

Accordingly, global oil demand is expected to increase by approximately 180 thousand barrels per day this year compared to last year and reach 105 million 720 thousand barrels. The forecast remained at the same level as OPEC's prediction in its previous report.

This year, demand is expected to increase by 410 thousand barrels per day in non-OECD countries to 59 million 620 thousand barrels, and in OECD countries it is expected to decrease by 230 thousand barrels to 46 million 100 thousand barrels.

It is estimated that next year global oil demand will increase by 2 million 550 thousand barrels per day compared to this year and reach 108 million 280 thousand barrels. The forecast remained at the same level as OPEC's prediction in its previous report.

During this period, demand in non-OECD countries is expected to reach 61 million 630 thousand barrels with an increase of 2 million 10 thousand barrels per day, and in OECD countries it is expected to reach 46 million 640 thousand barrels with an increase of 540 thousand barrels.