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OPEC+ deal countries raise oil output by 30,000 bpd in June

OPEC also expects global oil demand to grow by 2.2 mln bpd to 104.25 mln bpd in 2024

MOSCOW, July 13. /TASS/. OPEC countries (except Iran, Libya and Venezuela) participating in the OPEC+ deal increased oil production by 30,000 barrels per day (bpd) to 23.512 mln bpd in June, according to the organization's July report.

The ten OPEC countries - members of OPEC+ were supposed to cut production by 1.273 mln bpd to 25.416 mln bpd from October 2022 as part of a deal. In June, the actual production volume of these countries was 23.512 mln bpd, which is 1.904 mln bpd below the level stipulated in the OPEC+ agreement.

However, the parameters of the OPEC+ agreement do not take into account the voluntary production cuts that a number of OPEC+ countries, including some OPEC countries, will adhere to from May 2023 until the end of 2024. The total volume of these cuts amounts to 1.66 mln bpd.

OPEC also expects global oil demand to grow by 2.2 mln bpd to 104.25 mln bpd in 2024. OPEC also raised its forecast for oil demand growth in 2023 by 100,000 bpd to 2.4 mln bpd. In absolute terms, the figure could reach 102 mln bpd. The organization attributed the increase to higher oil demand in China.

Previously, OPEC had kept its forecast for world oil demand growth in 2023 unchanged at 2.3 mln bpd for four months in a row.

Most of all in 2024, oil demand will grow in the Middle East, China, and other Asian countries, according to OPEC. They will account for 2 mln bpd of growth in oil demand. In addition, India, Latin America, and Africa will support the increase in the figure.

At the same time, OPEC predicts that the global oil supply from non-OPEC countries may grow by 1.4 mln bpd in 2023 and 2024 report. In absolute terms, the figure may reach 67.1 mln bpd in 2023 and 68.5 mln bpd in 2024.

Next year, the United States, Canada, Guyana, Brazil, Norway, and Kazakhstan will become the main drivers of growth in world oil supply, and OPEC expects the largest drop in production in Mexico and Azerbaijan.

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