The Organisation of Petroleum Exporting Countries said crude oil production increased by 203,000 barrels per day ( bpd) in February to an average of 26.57 million barrels per day.
According to OPEC’s monthly oil market report obtained by Punch Online on Wednesday, the Organisation left the crude oil demand forecast unchanged.
“Crude oil output increased mainly in Libya and Nigeria, while production in Iran and Iraq decreased. Libya’s production climbed by around 144,000 bpd, the largest growth seen last month, while output rose in Nigeria and Saudi Arabia by 47,000 bpd and 18,000 bpd, respectively.”
Released on Tuesday, the monthly oil market report indicated that the production in Iran and Iraq declined by 15,000 bpd and 14,000 bpd, respectively.
“Demand for OPEC crude is projected to stand at about 28.5 million bpd in 2024, 1.1 million bpd higher than in 2023, while demand for OPEC crude in 2025 is expected to reach about 28.8 million bpd.
Meanwhile, “the non-OPEC output forecast for 2024 has been revised downward. OPEC natural gas liquids and non-conventional liquids production is expected to increase by around 60,000 bpd to average 5.5 million bpd this year, and additional growth of 110,000 bpd is forecast for 2025 to an average 5.6 million bpd.”
Non-OPEC liquids output is forecast to grow by 1.1 million bpd to average 70.5 million bpd in 2024. “This reflects a 120,000 bpd downward revision, compared with the previous month’s assessment, due to the extension of additional voluntary adjustments in 2Q24 by some countries,” it said in OPEC’s report.
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