Global oil production fell in May

According to the OPEC monthly oil market report, the group's daily crude oil production decreased by 176 thousand barrels in May compared to the previous month and became approximately 28 million 51 thousand barrels.

OPEC's share in global oil production was recorded as 28.9 percent. This figure was 29 percent in the previous month.

During this period, crude oil production within OPEC increased the most in Saudi Arabia, the United Arab Emirates and Kuwait. Libya, Nigeria and Gabon were the countries where crude oil production decreased the most.

Daily production increased by 60,000 barrels in Saudi Arabia, 31 thousand barrels in the UAE and 27 thousand barrels in Kuwait last month compared to the previous month. Production decreased by 186,000 barrels in Libya, 45 thousand barrels in Nigeria and 32 thousand barrels in Gabon.

In the same period, daily oil production in non-OPEC countries increased by 23 thousand barrels to approximately 70 million 200 thousand barrels. This figure was 1 million 700 barrels above the level in the same period of last year.

Non-OPEC production increases for the remainder of the year were forecasted by the US, Brazil, Canada, Kazakhstan, Guyana and China. It is predicted that Russia's crude oil production will decrease by 250 thousand barrels per day this year.

In this context, global oil supply decreased by 150 thousand barrels per day in May compared to the previous month and amounted to approximately 98 million 750 thousand barrels.

Global oil demand forecast unchanged

OPEC kept its forecast for global oil demand stable, pointing out that 2022 is subject to many uncertainties, but it predicts that demand will decrease slightly in the second quarter of the year due to the ongoing epidemic restrictions in China. In the second half of the year, with the start of the summer period, it is estimated that there will be a recovery in demand as travels increase.

Accordingly, OPEC global oil demand is expected to reach 100 million 290 thousand barrels this year, increasing by 3 million 360 thousand barrels on a daily basis compared to last year.

In the OECD region, it is predicted that the daily oil demand will increase by 3 million 400 thousand barrels compared to last year, and 1 million 900 thousand barrels in non-OECD countries.