In June, the amount of oil production by OPEC countries was 28.72 million barrels per day.
Citing the cartel's monthly report, SIA reports that this is 234,000 barrels per day more than in May.
In June, oil production increased in Saudi Arabia, the United Arab Emirates, Iran, Kuwait and Angola, and the production volume decreased in Libya and Venezuela. Countries such as Nigeria, Equatorial Guinea, Congo and Angola cannot increase production due to technical difficulties.
"According to the preliminary data for May, the total commercial reserves of oil and oil products in the countries of the Organization for Economic Cooperation and Development (OECD) increased by 10.5 million barrels compared to the previous month. Reserves amounted to 2.68 billion barrels, which is 253 million barrels less than the same period last year, 312 million barrels less than the five-year average, and 276 million barrels less than the average level of 2015-2019," the report says.
OPEC also gave its forecast for oil demand in 2022. According to the report, the organization expects the average demand to be at the level of 100.3 million barrels per day.
OPEC also predicts that oil and gas condensate production in Russia will decrease by 0.2 million barrels per day to 10.4 million barrels by 2023. As for the production forecast for 2022: at the end of the year, oil production is expected to be 10.63 million barrels per day. This is 1.6% less than in 2021.
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