The Organization of the Petroleum Exporting Countries (OPEC) increased its crude oil production in June by 220,000 barrels per day compared to the previous month, reaching 27.023 million barrels per day. According to OPEC’s monthly oil market report, the largest increase in production was seen in Saudi Arabia, while the biggest decline occurred in Iran.
In Saudi Arabia, the group’s largest producer, daily output rose by 173,000 barrels to 9.356 million barrels. In contrast, Iran’s production decreased by 62,000 barrels to 3.241 million barrels. Thus, OPEC’s total crude oil production in June increased by 220,000 barrels per day compared to the previous month, reaching 27.023 million barrels.
During the same period, total crude oil production by the OPEC+ group — which includes OPEC and some non-OPEC oil-producing countries — rose by 349,000 barrels per day to 41.560 million barrels.
No Change in Global Oil Demand Forecast
OPEC has not revised its forecast for global oil demand growth for this year. According to the forecast, global demand is expected to rise by approximately 1.3 million barrels per day compared to last year, reaching 105.13 million barrels per day.
The demand increase is projected to come mainly from non-OECD countries, with a rise of about 1.16 million barrels per day, while OECD countries are expected to contribute only 140,000 barrels per day. Total demand is expected to consist of 59.33 million barrels per day from non-OECD countries and 45.8 million barrels per day from OECD countries.
Next year, global oil demand is expected to increase by a similar amount — around 1.28 million barrels per day — reaching 106.42 million barrels per day. For 2026, demand growth is projected to remain around 1.2 million barrels per day in non-OECD countries, while it will be limited to just 80,000 barrels per day in OECD countries.
Source: Anadolu Ajansı/ Prepared by: İlayda Gök