Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) declined by 177,000 barrels per day (bpd) in May compared with April, driven mainly by a sharp drop in Iranian output, while the group maintained expectations for stronger global oil demand growth in 2026.
In May, OPEC's total output stood at about 18.83 million bpd, according to the group's latest Monthly Oil Market Report on Thursday.
The steepest production decline was recorded in Iran. Output also fell in Libya, Nigeria, and Congo.
Iran's oil output dropped by roughly 546,000 bpd to about 2.33 million bpd, while Libya's production fell by about 5,000 bpd to 1.3 million bpd.
Output in Nigeria declined by 2,000 bpd to 1.52 million bpd, and Congo's production decreased by 1,000 bpd to 283,000 bpd in May.
While, Saudi Arabia had the biggest increase in production last month, up by 157,000 bpd to 6.91 million bpd. Output in the UAE increased by 87,000 bpd to 2.11 million bpd.
Iraq's output rose by 75,000 bpd to 1.48 million bpd, while Venezuela's production increased by 36,000 bpd to 1.07 million bpd.
- Global oil demand forecast
OPEC forecasted that global oil demand for 2026 will increase by 1 million bpd year-on-year, bringing total demand to 106.13 million bpd.
In 2026, most of the growth is expected to come from non-OECD countries, where demand is seen rising by around 910,000 bpd to 60.12 million bpd, led by China, Other Asia, and India.
Demand in OECD countries is projected to rise by just 60,000 bpd to 46.01 million bpd.
For 2027, OPEC expects demand to grow by around 1.7 million bpd, reaching 107.86 million bpd.
This is expected to reach 61.64 million bpd in non-OECD countries, with an increase of 1.5 million bpd, and 46.22 million bpd in OECD countries, with a rise of around 210,000 bpd.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr
