OPEC daily crude output falls by 0.3% in June

Crude oil production from the Organization of Petroleum Exporting Countries (OPEC) decreased by 0.3%, or by 80,000 barrels per day (bpd), in June to average 26.57 million bpd, according to OPEC's monthly oil market report released on Wednesday.

Crude oil output fell mainly in Saudi Arabia, while production experienced the biggest increase in Libya and Venezuela.

Production in Saudi Arabia, the group's largest producer, declined by 76,000 bpd, whereas output rose by 24,000 bpd in Libya and by 21,000 bpd in Venezuela.

Total daily crude oil production of the OPEC+ group, which consists of OPEC and some non-OPEC producing countries, fell by 125,000 barrels to 40.80 million bpd.

- Global oil demand forecasts for 2024 and 2025

The global oil demand growth forecast for 2024 remained broadly unchanged from last month's assessment at 2.25 million bpd year on year, OPEC said.

Total world oil demand is anticipated to reach 104.5 million bpd in 2024, bolstered by strong demand for air travel and healthy road mobility, including trucking, the organization said.

It is estimated that oil demand in OECD countries will increase by 190,000 bpd this year to 45.84 million barrels. In non-OECD countries, demand is expected to increase by 2.06 million bpd this year to 58.62 million barrels.

Petrochemical capacity additions in non-OECD countries, mostly in China and the Middle East, are also predicted to contribute to this rise.

On the other hand, global demand is expected to reach 106.31 million barrels in 2025 with an increase of 1.85 million bpd.

In this period, demand is expected to increase by 110,000 bpd in OECD countries and by 1.74 million barrels in non-OECD countries.