Global oil supply increased month-on-month by 1.24% to an average of 95.69 million b/d in July, according to the Organization of Petroleum Exporting Countries (OPEC) Monthly Oil Market Report on Thursday.
OPEC crude oil production in July increased from June by about 640,000 b/d to 26.66 million b/d, available secondary sources reported.
Crude oil output increased mainly in Saudi Arabia, Iraq and Nigeria, while production decreased primarily in Angola and Venezuela.
Production in Saudi Arabia increased by 497,000 b/d to 9.4 million b/d in July while output in Iraq and Nigeria rose by 56,000 b/d and 45,000 b/d, respectively.
Angola produced 38,000 b/d less in July compared to the previous month to total 1.07 million b/d.
The share of OPEC crude oil in total global production increased to 27.9% in July.
World oil demand growth expectations for 2021 remained unchanged from the previous month’s assessment.
'Oil demand is still estimated to increase by around 6 million b/d to average 96.6 million b/d,' OPEC said.
'For 2022, world oil demand is still projected to increase by 3.3 million b/d year on year, unchanged from last month’s assessment,' the cartel said.
Total world oil demand is projected to surpass the threshold of 100 million b/d in the second half of 2022 and reach 99.9 million b/d on average for the whole of 2022, it said.
'Demand for OPEC crude in 2021 was revised down by 0.2 million b/d from the previous month assessment to stand at 27.4 million b/d.'
For next year, demand for OPEC crude was revised down by 1.1 million b/d from the previous month’s assessment to stand at 27.6 million b/d.
By Zeynep Beyza Kilic