Global oil production in October increased by 0.58 million barrels per day (bpd) compared to the previous month to an average of 90.17 million bpd, the Organization of Petroleum Exporting Countries (OPEC) said in its report on Wednesday.
In October, OPEC crude oil production up by 0.32 million bpd month-over-month to average 24.39 million bpd, according to secondary sources quoting from OPEC's Monthly Oil Market Report.
Crude oil output increased mainly in Libya, Iraq and Nigeria, while production decreased primarily in the UAE, Angola, Venezuela and Congo.
Libya was the country among OPEC members that raised its monthly crude oil production the most in October with an increase of 155,000 bpd to climb up to 454,000 bpd.
Non-OPEC liquids production in October increased by 0.25 million bpd compared with the previous month to average 66.79 million bpd.
As a result, the share of OPEC crude out of total global production rose to 26.7% in October, which is up by 0.1% compared with the previous month.
- "Previous expectations for the demand recovery has diminished"
OPEC noted that as new COVID-19 infection cases continued to rise during October in the US and Europe, forcing governments to re-introduce a number of restrictive measures, various fuels including transportation fuel are thought to bear the brunt going forward.
Therefore, previous expectations for the demand recovery has diminished and a further deterioration in demand is now anticipated, according to OPEC.
"As such, oil demand was revised lower by 0.3 mb/d to show a decline of 9.8 mb/d on an annualized basis. Total global oil demand is now seen at slightly above 90.0 mb/d," it said.
Demand for OPEC crude this year is revised down by 0.2 million bpd, from the previous month, to stand at 22.1 million bpd, which is around 7.2 million bpd lower than in 2019.
Demand for OPEC crude in 2021 is also revised down by 0.6 million bpd, from the previous month, to stand at 27.4 million bpd, which is around 5.2 million bpd higher than in 2020.
By Ebru Sengul Cevrioglu