"The non-OPEC liquids supply forecast for 2022 was revised up by 65 tb/d, to average 65.8 mb/d. Y-o-y growth remains at 2.1 mb/d, which is unchanged from the previous month," the report said.
The forecast for 2023 remained unchanged compared to the previous month’s report.
OPEC has downgraded its forecast on the world oil demand growth in 2022 by 300,000 barrels per day to 3.1 million barrels per day, according to its report.
"For 2022, world oil demand is foreseen to rise by 3.1 mb/d, a downward revision of 0.3 mb/d from last month’s estimate to account for some regional revisions. Total oil demand is projected to average 100.03 mb/d," the report said.
The organization has also kept its forecast for 2023 unchanged at 2.7 million barrels per day.
"Consequently, the 2023 world oil demand is projected to reach 102.72 mb/d," the report added.
The commercial oil storks in the Organization for Economic Co-operation and Development (OECD) rose by 20.9 million barrels in June month-on-month, and were below the 5-year average by 261 million barrels, according to report.
"Preliminary June data indicates total OECD commercial oil stocks rose 20.9 mb m-o-m. At 2,712 mb, inventories were 163 mb below the same period a year ago, 261 mb lower than the latest five-year average, and 236 mb below the 2015–2019 average," the report read.
The oil production in OPEC countries has increased by 162,000 barrels per day to 28.84 million barrels per day in July, according to the organization's report.
"OPEC-13 crude oil production in July increased by 162 tb/d m-o-m to average 28.84 mb/d, according to available secondary sources," the report read.
According to the report, the OPEC countries have fulled the oil output cut deal by 412% in July, by reducing production by 1.271 million barrels per day in excess of obligations.
"OPEC-13 crude oil production in July increased by 162 tb/d m-o-m to average 28.84 mb/d, according to available secondary sources," the report read.
According to the report, the OPEC countries have fulled the oil output cut deal by 412% in July, by reducing production by 1.271 million barrels per day in excess of obligations.