A recent report from the Organisation of the Petroleum Exporting Countries (OPEC) revealed that its production increased in May, reaching 27.022m barrels per day (bpd). This rise was primarily driven by higher output from Libya and Saudi Arabia, which collectively added 183,000 bpd to the organisation’s daily production.

The monthly report, issued in June, maintained its forecast for global oil demand growth in 2025 and 2026 at 1.3m bpd. In parallel, OPEC projected global economic growth at 2.9% this year and 3.1% next year.

OPEC estimated that global oil demand would reach 105.13m bpd in 2025 and rise to 106.42m bpd in 2026. Regarding its own production, Saudi Arabia informed OPEC of an increase in its May output by 178,000 bpd, bringing its total to 9.184m bpd.