Global oil production up by 0.4% in March



ANKARA – World oil production rose by more than 0.4 percent, or around 410,000 barrels per day (bpd), to nearly 102.35 million bpd in March, with a recovery in the US production, according to the International Energy Agency's (IEA) latest report on Friday.

According to the energy agency’s Oil Market Report for March, crude oil production by the Organization of Petroleum Exporting Countries (OPEC) increased by approximately 110,000 bpd in March to 27.05 million bpd.

The group's total oil production reached approximately 32.51 million bpd over the same period.

Daily oil production in non-OPEC countries rose by 410,000 bpd in March to an estimated 69.84 million bpd as production recovered from steep North American weather-related losses in January.

“The United States and Canada accounted for 200,000 bpd of the monthly gains, while output in China and Norway rose by 60,000 bpd and 40,000 bpd, respectively,” the report said.

According to the report, world oil demand growth continues to lose momentum with the first quarter of 2024 growth of 1.6 million bpd, 120,000 bpd below the previous forecast due to exceptionally weak OECD deliveries.

“With the post-COVID rebound now largely complete, and vehicle efficiencies and an expanding EV fleet acting as further drags on oil demand, growth in 2024 and 2025 slows to 1.2 million bpd and 1.1 million bpd, respectively,” the IEA said.

The agency predicts that this year's global oil demand will be 103.17 million bpd, up almost 1.21 million bpd from the previous year.

Demand is expected to increase by 1.14 million bpd to 104.31 million bpd next year. (Anadolu)