According to preliminary data, the total volume of oil production in the world in June increased compared with May by 0.4 million barrels per day, to 94.33 million barrels. At the same time, production in the countries of the Organization of Petroleum Exporting Countries (OPEC) rose 264 000 barrels per day, and in the countries outside the organization – by 0.13 million barrels per day. This is stated in the July OPEC report.
The document notes that an important factor for growing oil prices in June is the disruption of supply around the world, "with the result that the international crude oil futures increased in June on both sides of the Atlantic, despite the UK results of the referendum on membership in the EU", - note the authors of the report.
The OPEC expects growth in world oil demand in 2017 by 1.2 million barrels per day, to 95.33 million barrels per day. The forecast about growth of world demand for oil in 2016 has been unchanged at 1.2 million barrels per day (to 94.18 million barrels per day).
Demand for OPEC oil, according to forecasts of the organization, will grow by 1.1 million barrels per day in 2017 - to 33 million barrels. In 2016, demand is expected to reach 31.9 million barrels a day, which is 1.9 million barrels a day more than in 2015.
The increased demand in 2017 will be related to the improvement of the global economy, as well as increased fuel use in transport, the document says.
Oil supplies from countries that not members of the organization, will continue to decline. In particular, the decline is expected in Mexico, the US, Norway, Colombia, Russia, Azerbaijan, Kazakhstan and Vietnam. Shipments from Brazil and Canada, in contrast, will grow. It is expected that after the reduction by 0.88 million barrels per day in 2016 (up to 56.03 million barrels per day) in 2017 shipments will be reduced by 0.11 million barrels per day, to 55.92 million barrels.
"Market forces will help to remove the general surplus of oil reserves in 2017," - believe OPEC members.