Increases in production in Iraq, Saudi Arabia and Kuwait drove OPEC countries' daily crude oil output in July up by 1.659 million barrels from the previous month to 23.632 million barrels.
OPEC's monthly oil market report said Iraq's daily production rose by 665,000 barrels to 2.621 million barrels.
Production increased in Gulf countries
Saudi Arabia's daily crude oil production rose by 590,000 barrels to 7.352 million barrels. Kuwait also recorded an increase of 393,000 barrels, bringing its daily production to 1.845 million barrels.
Nigeria and the United Arab Emirates stood out among the countries where production declined. Nigeria's daily production fell by 37,000 barrels to 1.546 million barrels, while production in the United Arab Emirates dropped by 30,000 barrels to 3.780 million barrels.
OPEC+ output rose to 37.655 million barrels per day
Daily crude oil production by the OPEC+ group, comprising OPEC members and some non-member producers, also increased by 1.424 million barrels over the same period. The group's total output thus rose to 37.655 million barrels per day.
Higher forecast for oil demand next year
OPEC revised down its estimate for the increase in global oil demand this year and raised its forecast for next year. Global demand is expected to rise by approximately 580,000 barrels per day from the previous year to 105.740 million barrels.
Daily demand in countries that are not members of the Organisation for Economic Co-operation and Development is projected to rise by 610,000 barrels to 59.820 million barrels. In OECD countries, demand is expected to decline by 40,000 barrels per day to 45.910 million barrels.
Global oil demand is forecast to increase by 2.160 million barrels per day next year, reaching 107.900 million barrels.
