Global oil production in September decreased by 0.06 million barrels per day (bpd) to an average of 90.71 million bpd, the Organization of Petroleum Exporting Countries (OPEC) said in its report on Tuesday.
In September, OPEC crude oil production declined by 50,000 bpd month-over-month to average 24.11 million bpd, according to secondary sources quoting from OPEC's Monthly Oil Market Report.
Non-OPEC liquids production in September, including OPEC non-gas liquids (NGLs) and non-conventional liquids, is estimated to have decreased by 10,000 bpd from the previous month to average 66.60 million bpd.
As a result, the share of OPEC crude out of total global production remained unchanged in September at 26.6% compared with the previous month.
Libya was the country among OPEC members that raised its monthly crude oil production the most in September with an increase of 53,000 bpd to climb up to 156,000 bpd.
Among other OPEC members, Iraq, Saudi Arabia and Venezuela also saw the largest increases in crude oil production levels in September.
While Iraq saw its crude output jump by 46,000 bpd to approximately 3.7 million bpd last month, Saudi Arabia's crude production rose by 35,000 bpd to almost 8.9 million bpd, and Venezuela's output increased by 32,000 bpd to more than 383,000 bpd.
- Oil demand to rise in 2021
While global oil demand is expected to fall by 9.47 million bpd year-on-year to 90.29 million bpd in 2020, this figure remains relatively unchanged compared to last month’s outlook and despite revisions within the regions, OPEC said.
However, for 2021 global oil demand is estimated to increase by 6.54 million bpd, or 7.25%, to average 96.84 million bpd.
OPEC said COVID-19’s unchanged uncertainties and negative impacts over the contact-intensive sub-sectors of travel and transportation, tourism, hospitality and leisure would most likely continue in 2021.
Assuming that a widely distributable vaccination will only be available by the second half of 2021, OPEC said the global economy is forecast to remain in transition while some oil-demand sensitive sectors would continue facing a challenging period next year.
Demand for OPEC crude in 2021 is estimated to be around 27.9 million bpd -- about 5.6 million bpd higher than the 2020 average.
The COVID-19 pandemic, which began in the first quarter of 2020, has quickly spread around the world to cause a recession in the global economy as well as an unprecedented shock in global oil demand, leading to a large supply glut on the oil market.
By Sibel Morrow