OPEC's daily crude oil production increased by 346 thousand barrels in August
According to OPEC's August data, daily crude oil production reached 24 million 81 thousand barrels. While Iraq led the production increase, a notable decrease was recorded in Iran.
The Organization of the Petroleum Exporting Countries (OPEC) has published its monthly oil market report for August. According to the report, the organization's total daily crude oil production increased by 346 thousand barrels compared to the previous month, rising to 24 million 81 thousand barrels.
Iraq stood out in production increase
According to OPEC data, Iraq took the largest share of the production increase in August. The country's daily production reached 3 million 378 thousand barrels with an increase of 664 thousand barrels. Iraq was followed by the United Arab Emirates with an increase of 54 thousand barrels and Kuwait with an increase of 49 thousand barrels.
Decrease in Iran and Saudi Arabia
Despite the increase in production, decreases were experienced in some member countries. Iran's daily production decreased by 399 thousand barrels, falling to 2 million 86 thousand barrels. Production in Saudi Arabia fell by 75 thousand barrels, and in Libya by 9 thousand barrels.
Total production of the OPEC+ group
The total crude oil production of the OPEC+ group, consisting of OPEC and non-OPEC producer countries, also recorded an increase in August. The group's total daily production increased by 297 thousand barrels, reaching 38 million 55 thousand barrels.
Global oil demand expectations
OPEC updated its forecasts regarding global oil demand. While the demand growth expectation for this year was revised downward, an upward revision was made for next year. Global demand is projected to rise to 105 million 840 thousand barrels this year and 108 million 190 thousand barrels next year.