The Organization of the Petroleum Exporting Countries (OPEC) recorded a notable increase in daily crude oil production in June. According to the organization's monthly report, production rose by 3.051 million barrels compared to the previous month, reaching 22.002 million barrels per day.
The bulk of the production increase came from Islamic world countries in the Middle East. The United Arab Emirates raised its daily output by 1.642 million barrels to 3.809 million barrels. Kuwait and Iraq reached 1.452 million and 1.970 million barrels, with increases of 880,000 and 446,000 barrels respectively.
Production also rose in other Muslim-majority countries. Iran's output increased by 155,000 barrels to 2.441 million barrels, while Libya's rose by 22,000 barrels to 1.325 million barrels. Nigeria and Algeria each saw a 5,000-barrel increase.
In contrast, Saudi Arabia's daily production fell by 99,000 barrels to 6.847 million barrels. Equatorial Guinea, Congo and Venezuela also experienced declines.
The total daily crude oil production of the OPEC+ group, which includes OPEC and its allies, also rose by 2.999 million barrels in June to 36.278 million barrels.
Global demand expected to keep rising
The OPEC report also forecasts an increase in global oil demand. This year, demand is expected to rise by 780,000 barrels per day compared to last year, reaching 105.940 million barrels. The majority of the demand will come from non-OECD countries.
For next year, global demand is calculated to increase by a further 1.940 million barrels per day to approximately 107.880 million barrels.