OPEC Lowered Oil Demand Forecast

OPEC, the Organization of Petroleum Exporting Countries, lowered its growth forecast for global oil demand, underlining the slowdown in economies and high inflation. The organization announced last week that they decided to cut production by 2 million barrels per day.

The Organization of the Petroleum Exporting Countries (OPEC) noted that global oil production increased by 930 thousand barrels per day in September compared to the previous month, rising to 101 million 480 thousand barrels. According to OPEC's monthly oil market data, the group's daily crude oil production increased by 146 thousand barrels in September compared to the previous month and was stated as 29 million 767 thousand barrels. OPEC's share in global oil production was recorded as 29.3 percent. While crude oil production in OPEC increased the most in Saudi Arabia, Iraq was recorded as the country with the highest decline in crude oil production. Daily production increased by 82 thousand barrels in Saudi Arabia last month compared to the previous month, while it decreased by 28 thousand barrels in Iraq. In the same period, daily oil production in non-OPEC countries increased by 800 thousand barrels to approximately 71 million 700 thousand barrels. OPEC revised down its forecast for global oil demand growth. In this case, global oil demand is expected to increase by 2 million 640 thousand barrels per day this year compared to last year, reaching 99 million 670 thousand barrels. The previous forecast was an increase of 3.1 million barrels. Demand is projected to increase by 1 million 350 thousand barrels in the OECD region and 1 million 290 thousand barrels in non-OECD countries compared to last year. Demand is expected to increase by 2 million 340 thousand barrels per day next year, reaching approximately 102 million 20 thousand barrels. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!