Zeynep Beyza Kilic
13 July 2023•Update: 13 July 2023
ANKARA
Daily oil production by members of the Organization of Petroleum Exporting Countries (OPEC) increased by 91,000 barrels month-on-month in June, reaching 28.19 million.
According to OPEC's monthly oil market report, Iran and Iraq raised production by the greatest amount.
Daily output reached 2.75 million in Iran after climbing 56,000 barrels, while Iraq hiked production by 54,000 barrels to 4.18 million.
Oil supply in Saudi Arabia, the largest producer of the group, increased by 22,000 barrels per day to reach 9.99 million.
Despite the increase in OPEC's crude oil production in June, its share in the world's total output decreased to 27.9%.
Global oil production reached approximately 101.2 million barrels, with an increase of 600,000 barrels per day last month.
In this period, the production of non-OPEC countries increased to 73 million barrels per day, while OPEC production rose to 28.19 million barrels.
The number of oil rigs in the world increased by 27 last month to 1,884.
While a drilling rig was closed in OPEC countries, 28 new ones were engaged in production in non-OPEC countries.
Due to the expected rise in demand from China, OPEC boosted its global oil demand forecast for this year by 100,000 barrels.
Thus, global oil demand is expected to reach 102 million barrels in 2023.
Demand is forecast to increase by 60,000 barrels per day in OECD countries to approximately 46 million barrels, and in non-OECD countries by 2.37 million barrels to reach 55.99 million.
On a global scale, oil demand is estimated to increase 2.2 million barrels and reach 104.25 million barrels in 2024.
*Writing by Gokhan Ergocun from Istanbul
