The value of the OPEC Reference Basket (ORB) fell by $1.24 month over month (m-o-m) in August, averaging $69.73/b.
The constant and robust momentum shown in the first half of 2025 has helped the global economy maintain its steady growth trajectory, according to the latest OPEC report.
The report also highlights that ICE Brent’s front-month contract is down $2.29 month over month to average $67.26 per barrel, while the NYMEX WTI front-month contract fell $3.22 month over month to average $64.02 per barrel.
According to the estimates in July, the global oil demand growth prediction for 2025 is still at around 1.3 million barrels per day (mb/d), year over year.
In 2025, the Organisation for Economic Co-operation and Development (OECD) expects oil demand to increase by around 0.1 mb/d, whereas the non-OECD expects it to increase by roughly 1.2 mb/d.
Global oil demand is expected to increase by around 1.4 mb/d year over year in 2026, which is likewise unchanged from the estimate made last month.
The non-OECD is anticipated to increase by around 1.2 mb/d, year over year, whereas the OECD is predicted to rise by roughly 0.2 mb/d, year over year.
According to this August’s estimate, World Oil Supply Non-DoC liquids output, that is, liquids production from nations that are not parties to the Declaration of Cooperation, is expected to increase by around 0.8 mb/d, year over year, in 2025.
With that said, here are the African countries with the highest oil production last month in thousand barrels per day (tb/d), according to OPEC’s latest report.