Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) rose by 263,000 barrels per day (bpd) in July compared to June, reaching 27.54 million bpd, the group’s latest Monthly Oil Market Report shows.
The largest increase came from Saudi Arabia, which boosted output by 170,000 bpd to 9.53 million bpd. Iraq recorded the biggest drop, cutting production by 51,000 bpd to 3.90 million bpd.
Combined output from the broader OPEC+ alliance — which includes non-OPEC producers such as Russia — climbed by 335,000 bpd to 41.94 million bpd during the month.
On the demand side, OPEC maintained its 2025 forecast for global oil consumption, projecting growth of 1.3 million bpd year-on-year to 105.14 million bpd. Most of the increase is expected from non-OECD countries, where demand is forecast to rise by 1.15 million bpd, compared to just 140,000 bpd in OECD economies.
The report estimates that non-OECD nations will account for 59.33 million bpd of demand in 2025, with OECD countries making up 45.8 million bpd. For 2026, demand growth is projected at 1.23 million bpd in non-OECD regions and just 15,000 bpd in OECD countries.
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