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Global oil production increased in May

Global oil production increased by 630,000 barrels per day in May compared to the previous month.

According to the monthly “Oil Market” report of the Organization of Petroleum Exporting Countries (OPEC), global oil production increased by 630 thousand barrels per day on average in May 2021 compared to the previous month and amounted to 93.67 million barrels/day. Production increased by 5.63 million barrels/day compared to April 2020.

OPEC’S MARKET SHARE 27.2 PERCENT

In May, OPEC’s crude oil production increased by 390 thousand barrels/day compared to the previous month and amounted to 25 million 460 thousand barrels/day. OPEC’s market share rose 0.2 percent to 27.2 percent.

Saudi Arabia’s oil production based on secondary sources increased by 345 thousand barrels/day to 8 million 466 thousand barrels/day. The country’s production based on direct communication increased by 410 thousand barrels/day to 8 million 544 thousand barrels.

Non-OPEC oil supply also increased by 0.240 million barrels/day compared to the previous month and became 68.21 million barrels/day in May. Production increased by 4.30 million barrels/day compared to the same period last year.

THIS YEAR OIL DEMAND WILL INCREASED BY 6 MILLION BARRELS DAILY ON AVERAGE

Increasing its 2020 forecast for world oil demand by 0.1 million barrels/day, OPEC revised it to 90.6 million barrels/day. Keeping its oil demand growth forecast as 6 million barrels/day for 2021, OPEC predicted that the daily average oil demand will be 96.58 million barrels/day in 2021.

Estimating that non-OPEC oil supply will increase from 62.89 million barrels/day in 2020 to 63.73 million barrels/day in 2021, OPEC expects 840 thousand barrels of the production increase to come from the USA.

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