TEHRAN (Dispatches) –Iran continues its march toward retaining the oil market share as the country added more barrels to its daily production in January compared to the previous month, data published by OPEC showed.
Iran’s crude oil output averaged 2.08 million barrels per day last month, an increase of 62,000 bpd from December 2020, OPEC said in its monthly report.
Global oil production in January rose by 430,000 bpd compared to the previous month to average 93.12 million bpd, although it reflected a year-on-year fall of 7.33 million bpd.
In January, OPEC crude oil production rose by 181,000 bpd month-over-month to an average 25.5 million bpd, according to the report.
As a result, the share of OPEC crude out of total global production rose to 27.4% in January, marking a 0.1% increase compared with the previous month.
Crude oil output increased mainly in Saudi Arabia, Venezuela and Iran, while production decreased primarily in Libya, Nigeria and Iraq.
OPEC Revises Down Global Oil Demand Forecast For 2021
OPEC expects oil demand to rise by 5.8 million barrels per day (bpd) this year, down by around 100,000 bpd from last month’s projection due to lockdowns in major developed economies in the first half of this year, the cartel said .
"Extended lockdowns and the re-introduction of partial lockdowns in a number of countries have resulted in downward revisions to 1H21 projections,” OPEC said in its February Oil Market Report (MOMR).
In the January report, OPEC expected demand to rise by 5.9 million bpd in 2021 from an estimated average demand of 90 million bpd in 2020, leaving its 2021 demand growth forecast unchanged from December but warning that the pandemic was still skewing risks to the downside.
The organization now expects healthy demand in the second half of 2021, driven by growing economies and massive stimulus programs. OPEC’s view for the latter half of this year is largely in line with most of the other forecasters and many analysts, who expect pent-up economic and fuel demand from the summer onwards.