According to the recent Organization of the Petroleum Exporting Countries report the OPEC oil production inclined by nearly 0.5 million bbl/d during June compared to May 2011:
OPEC’s crude oil production rose by 520 thousand bbl/d during June as it reached 29,601 thousand bbl/d compared to 29,081 thousand bbl/d in May. Libya’s oil production is still very low at 111 thousand bbl/d compared with an average of nearly 1.6 million bbl/d back in 2010. The main reason for the increase cones from the raise in oil production quota of Saudi Arabia by 461 thousand bbl/d as it reached in June nearly 9.4 million bbl/d – its highest oil production quota in 2011. The rest of OPEC countries nearly didn’t change during June compared to May.
The global oil supply averaged in June at 87.82 million bbl/d, which is roughly 1.25 million bbl/d above the average in May.
The oil supply of non-OPEC countries is estimated to reach 52.89 million bbl/d in 2011, an increase of 0.62 million bbl/d compared with 2010. This revised estimate is slightly lower than last month’s report due to lower production in certain countries. The countries that are expected to lead the growth are Brazil, Canada, US and Colombia, while Norway, UK, Malaysia and Mexico are projected to lead the sharpest falls.
The worldwide crude oil demand is estimate to grow in 2011 by 1.36 mb/d to an average of 88.18 million bbl/d compared with 2010’s average. The rise in demand is driven mainly from the non-OECD countries with China leading the front with an estimated growth of 0.68 mbbl/d compared with 2010; followed by other non-OECD countries’, as their demand is estimated to increase by 0.62 mbbl/d in 2011 to 27.51 mbbl/d.
OECD countries’ total oil demand is estimated to rise by only 0.13% or 0.06 mbbl/d in 2011 to 46.21 mbbl/d, compared with 2010 to 46.15 mbbl/d. This revised projection is slightly lower than last month’s report.
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