"Non-Declaration of Cooperation (Non-DoC) liquids supply (i.e. liquids supply from countries not participating in the DoC) is expected to grow by 1.2 mb/d in 2024, unchanged from the previous month’s assessment," the report read.
The table in the report clarifies that the indicator is expected to reach 53 million barrels per day, and the growth will be 1.23 million barrels per day. A month earlier, OPEC had forecast production growth at the same level.
OPEC+ oil production in July increased by 117,000 barrels per day by June to 40.91 million barrels per day, while the countries participating in the oil deal produced output by 84,000 barrels per day more than agreed, taking into account voluntary cuts and an overproduction compensation plan, the organization said.
"Crude oil production by the countries participating in the DoC increased by 117 tb/d in July compared with the previous month, averaging about 40.91 mb/d, as reported by available secondary sources," the report read.
OPEC has slightly downgraded its forecast for the US's oil and condensate production in 2024 to 13.2 million barrels per day, according to the organization's fresh report.
In July, the organization expected the 2024 US production to amount to 13.23 million barrels per day, and in May and June – 13.22 million barrels per day.
The commercial oil stocks in the Organization for Economic Co-operation and Development (OECD) decreased by 14.1 million barrels in June and were below the five-year average by 66.8 million barrels, according to OPEC's report.
"Preliminary June 2024 data shows total OECD commercial oil stocks down by 14.1 mb, m-o-m. At 2,831 mb, they were 38.4 mb higher than the same time one year ago, 66.8 mb less than the latest five-year average, and 116.1 mb below the 2015–2019 average," the report read.
The oil production in OPEC countries has increased by 185,000 barrels per day in July and averaged at 26.75 million barrels per day, the organization said.
"According to secondary sources, total OPEC-12 crude oil production averaged 26.75 mb/d in July 2024, 185 tb/d higher, m-o-m. Crude oil output increased mainly in Saudi Arabia, Iraq and IR Iran, while production in Libya decreased," the report read.
The OPEC countries decreased oil output by 2.39 million barrels per day above quotas in July, the report said.