Organization of the Petroleum Exporting Countries (OPEC) increased its crude oil production by 183,000 barrels per day (bpd), or 0.7%, in May, averaging 27.02 million bpd, according to the group's monthly oil market report released Monday.
The largest increase came from Saudi Arabia, where output rose by 177,000 bpd to 9.18 million bpd. In contrast, Iraq recorded the largest decline, with production falling by 50,000 bpd to 3.93 million bpd.
Meanwhile, crude oil production from the broader OPEC+ group, which includes OPEC members and allied non-OPEC producers, rose by 180,000 bpd in May to reach 41.23 million bpd.
- Global oil demand forecast unchanged
OPEC maintained its forecast for global oil demand growth in 2025, keeping it unchanged from the previous month's assessment.
The report projects world oil demand to grow by 1.29 million bpd this year, reaching 105.13 million bpd.
In 2025, demand in OECD countries is expected to rise by just 160,000 bpd to 45.83 million bpd, while demand in non-OECD countries is forecast to grow by around 1.13 million bpd to 59.31 million bpd.
A similar growth pattern is expected in 2026, with global oil demand increasing by approximately 1.28 million bpd to 106.42 million bpd.
Of this, about 1.2 million bpd of growth is projected to come from non-OECD countries, while demand in OECD countries is forecast to rise by only 80,000 bpd.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr