And the organization maintained its expectation for growth in external supply in the current year at 1.4 million barrels.
The organization also maintained its forecast for global oil demand growth over the past year at 2.5 million barrels per day.
The organization said in its monthly report that production in OPEC member states fell by 191,000 barrels per day during the month of April, to record 28.6 million barrels per day, affected first. by the decline in production in Iraq and Nigeria.
OPEC predicted that the main countries responsible for the growth in oil supply would be the United States, Brazil, Norway, Canada, Kazakhstan and Guyana.
The organization said the state of uncertainty persists, particularly in light of doubts over US shale oil production capabilities and the continued existence of unplanned fields in the current year.
The organization said the state of uncertainty persists, particularly in light of doubts over US shale oil production capabilities and the continued existence of unplanned fields in the current year.
UAE Energy Minister Suhail Al Mazrouei said on Tuesday that additional voluntary production cuts approved by the OPEC+ coalition of oil-producing nations are aimed at balancing oil markets.
Speaking to reporters on the sidelines of the World Utilities Conference, the minister expressed concern about future supply shortages due to lack of investment.
“I’m not so worried about the very short term, I think we can balance supply and demand. I’m more concerned about the levels of investment needed going forward,” he said.
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