Global oil production increases by 0.15% in June: Int. Energy Agency

By Firdevs Yuksel

ISTANBUL (AA) - World oil production rises by more than 0.15%, or around 150,000 barrels per day (bpd), to nearly 102.90 million barrels per day (bpd) in June, according to the International Energy Agency's (IEA) latest report on Thursday.

According to the Oil Market Report, crude oil production by the Organization of Petroleum Exporting Countries (OPEC) in June fell to 27.06 million bpd, a drop of 150,000 bpd compared to the previous month.

The group's total oil production reached approximately 32.64 million bpd over the same period.

Daily oil production in non-OPEC countries rose by 280,000 bpd in June to an estimated 70.26 million bpd after Brazil, Canada and Kazakhstan bounced back from oil field maintenance and as biofuels output rose seasonally.

- Global demand growth

According to the report, global oil demand is set to rise by 974,000 bpd this year to around 103.63 million bpd, relatively unchanged from the last month's report.

"Global oil demand growth will remain entirely driven by non-OECD countries, with developing countries accounting for all this year’s gains," according to the report. However, subpar economic growth, greater efficiencies and vehicle electrification will act as headwinds.

Demand in OECD countries is expected to decrease by 93,000 bpd this year, reaching around 45.55 million bpd, while non-OECD demand is anticipated to rise by about 1.07 million bpd to approximately 57.50 million bpd.

In 2025, global oil demand is projected to reach 104.04 million bpd, with a yearly growth of 979,000 bpd.