In February, the Organization of Petroleum Exporting Countries (OPEC)'s crude oil production saw a daily increase of 203,000 barrels, reaching approximately 26.57 million barrels.
Key Points
Libya, Nigeria, and Saudi Arabia led OPEC's February oil production increase, while Iran saw the biggest drop, followed by Iraq, Kuwait, and Equatorial Guinea.
OPEC's crude output rose by 203,000 barrels daily in February to 26.57 million. Demand for OPEC crude is expected to rise to 28.5 million barrels per day this year, reaching 28.8 million next year.
Global oil demand is predicted to increase by 2.25 million barrels to 104.46 million barrels per day this year, mainly driven by non-OECD countries, with a forecasted rise to 106.3 million barrels per day by 2025.
According to OPEC's monthly oil market report, Libya, Nigeria, and Saudi Arabia led the increase in crude oil production in February, while Iran experienced the most significant drop, followed by Iraq, Kuwait, and Equatorial Guinea. Libya's daily oil output rose by 144,000 barrels, Nigeria's by 47,000 barrels, and Saudi Arabia's by 18,000 barrels. Meanwhile, 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's crude oil production in February increased by a daily average of 203,000 barrels, reaching about 26.57 million barrels. Demand for OPEC crude oil is projected to rise by 1.1 million barrels this year to a daily level of 28.5 million barrels, with an expectation of reaching 28.8 million barrels per day next year.
The number of drilling wells worldwide went up by 21 last month, totaling 1,885. Drill tower numbers rose by 7 in OPEC countries and by 14 in non-OPEC countries.
This year, global oil demand is anticipated to climb by 2.25 million barrels from the previous year to 104.46 million barrels. This increase is expected to be driven mainly by non-OECD countries, with significant contributions from air and road transportation, as well as industrial, construction, and agricultural activities. Growth in demand is also expected to be influenced by capacity expansions and petrochemical margins, especially in China and the Middle East.
By 2025, global demand is forecasted to rise by an additional 1.85 million barrels per day, reaching 106.3 million barrels, with OECD countries seeing a 100,000-barrel increase and non-OECD countries a 1.7 million-barrel surge.
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