Data from the Organization of the Petroleum Exporting Countries (OPEC) for June points to a significant increase in global supply. According to the group's monthly report, daily crude oil production rose by 3.051 million barrels compared to May, reaching 22.002 million barrels.
The countries with the largest production increases were the United Arab Emirates, Kuwait, and Iraq. The UAE's daily output rose by 1.642 million barrels to 3.809 million barrels, while Kuwait increased by 880,000 barrels to 1.452 million barrels, and Iraq by 446,000 barrels to 1.970 million barrels.
Production also rose in Iran, Libya, Gabon, Nigeria, and Algeria. Iran's daily output increased by 155,000 barrels to 2.441 million barrels, Libya's by 22,000 barrels to 1.325 million barrels, and Gabon's by 10,000 barrels to 224,000 barrels. Nigeria and Algeria each saw a 5,000-barrel increase, reaching 1.559 million and 987,000 barrels, respectively.
Some countries experienced production declines. Saudi Arabia's daily output fell by 99,000 barrels to 6.847 million barrels. Equatorial Guinea and Congo each dropped by 7,000 barrels to 44,000 and 274,000 barrels, respectively, while Venezuela's production decreased by 1,000 barrels to 1.070 million barrels.
The total daily crude oil production of the OPEC+ group, which includes OPEC and its allies, also rose by 2.999 million barrels in the same period to 36.278 million barrels.
Global Demand Growth to Continue
The OPEC report forecasts that global oil demand will increase by 780,000 barrels per day this year compared to last year, reaching 105.940 million barrels per day. Demand in non-OECD countries is expected to rise by 740,000 barrels per day to 59.950 million barrels, while OECD countries will see a 40,000-barrel increase to 45.990 million barrels per day.
Next year, global demand is projected to rise by an additional 1.940 million barrels per day to approximately 107.880 million barrels.
