The Organization of the Petroleum Exporting Countries (OPEC) ramped up crude oil production by 263,000 barrels per day (bpd) in July, bringing total output to 27.54 million bpd, according to its latest Monthly Oil Market Report.
The increase was driven largely by Saudi Arabia, which boosted production by 170,000 bpd to 9.53 million bpd. In contrast, Iraq saw the steepest decline, with output slipping by 51,000 bpd to 3.90 million bpd.
When factoring in non-OPEC members, the wider OPEC+ alliance recorded a production increase of 335,000 bpd in July, pushing overall supply to 41.94 million bpd.
Despite the output changes, OPEC left its 2025 global oil demand growth forecast unchanged, expecting demand to rise by 1.3 million bpd year-on-year to reach 105.14 million bpd. Most of this growth is projected to come from non-OECD nations, where demand could expand by 1.15 million bpd. OECD countries, by comparison, are forecast to add only 140,000 bpd.
By 2026, OPEC predicts demand growth of 1.23 million bpd in non-OECD economies and a marginal 15,000 bpd increase in OECD regions. Demand from non-OECD countries is estimated at 59.33 million bpd, while OECD nations will account for about 45.8 million bpd.
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