According to OPEC's monthly oil market report, global oil supply increased by 650 thousand barrels per day in December compared to the previous month, to 98 million 510 thousand barrels.
In this period, daily oil production in non-OPEC countries increased by 480 thousand barrels to approximately 70 million 630 thousand barrels. Daily crude oil production of OPEC increased by 170 thousand barrels and reached approximately 27 million 880 thousand barrels. The share of OPEC in global oil production was recorded as 28.3%. During this period, crude oil production in OPEC increased the most in Angola, Saudi Arabia, Iraq and the United Arab Emirates (UAE), while Libya and Nigeria saw a decrease. Daily production increased by 85,000 barrels in Angola, 61 thousand barrels in Saudi Arabia, and 28 thousand barrels in Iraq and the UAE, compared to the previous month. However, production decreased by 84 thousand barrels in Libya and 43 thousand barrels in Nigeria.
Global oil demand will increase this year OPEC kept its forecast for this year's global oil demand constant. Accordingly, global oil demand will increase by 4 million 150 thousand barrels on a daily basis compared to last year and reach 100 million 790 thousand barrels this year. In the report, it was stated that the epidemic had some impact on demand due to possible quarantine measures in the first half of the year, but economic growth forecasts remained strong.
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