OPEC Reports a Global Oil Production Decline in 2024

OilPrice · Irina Slav · last updated July 2, 2025 – 10:33 PM

Global crude oil production declined by 1% last year, for the first time since 2020, averaging 72.58 million barrels daily, OPEC said in the latest edition of its Annual Statistical Bulletin. The group reported a decline in OPEC and partner production while non-OPEC oil producers boosted output last year, in line with analyst predictions and relatively healthy oil prices. Among OPEC members, production dipped by 2.1%, equal to 570,000 barrels daily. Among countries that are members of the Declaration of Cooperation, oil production declined by 780,000…

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