Here’s a detailed and easy-to-understand article in English based on the JETRO news about 2024 oil production:
Middle East Oil Production Edges Down in 2024, But Global Output Hits Record High
Tokyo, Japan – While oil production in the Middle East experienced a slight dip in 2024 compared to the previous year, global oil production reached an all-time high. This information comes from a report published on June 30, 2025, by the Japan External Trade Organization (JETRO).
According to the report, Middle Eastern countries produced an average of 30.12 million barrels of oil per day (bpd) in 2024. This figure represents a 0.4% decrease from the 2023 average.
Why the Slight Dip in the Middle East?
While the exact reasons for this minor decline aren’t detailed in the headline alone, it’s important to consider the broader context of the global oil market and the strategies employed by major producing nations in the Middle East.
- OPEC+ Production Cuts: The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have implemented production cuts throughout much of 2023 and into 2024. These cuts are often aimed at stabilizing oil prices and preventing oversupply in the market. Countries like Saudi Arabia, a key player in the Middle East, have been at the forefront of these voluntary production adjustments.
- Market Dynamics: Global demand for oil, while strong enough to push overall production to record levels, can fluctuate. Producers in the Middle East may adjust their output based on market signals, inventory levels, and their own economic strategies.
- Investment and Capacity: While investment in oil production is ongoing, some factors might influence short-term output. However, the Middle East remains a crucial and dominant force in global oil supply.
Global Oil Production Reaches New Heights
Despite the modest reduction in the Middle East, the overall picture for global oil production in 2024 is one of unprecedented output. This surge is likely driven by:
- Increased Production from Non-OPEC+ Countries: Countries outside of the OPEC+ alliance, such as the United States (particularly from shale oil production), Canada, and Brazil, have continued to ramp up their output. These nations have been investing in and expanding their production capabilities.
- Meeting Robust Global Demand: The global economy, in general, has seen a rebound in activity since the pandemic, leading to increased demand for energy, including oil, for transportation, industry, and various other sectors.
- Strategic Stockpiling and Market Share: Some major producers might be strategically increasing output to meet demand, secure market share, or manage their own domestic energy needs.
What This Means for the Market:
The report highlights a dynamic global oil market:
- Supply Management: The continued emphasis on production management by OPEC+ countries, including those in the Middle East, suggests an ongoing effort to influence oil prices. The slight reduction in Middle Eastern output could be a strategic move within this broader framework.
- Resilience of Other Producers: The record global production underscores the growing importance of non-OPEC+ sources, which are contributing significantly to meeting the world’s energy needs.
- Price Implications: While higher production generally suggests a potential for lower prices, the market is complex and influenced by many factors, including geopolitical events, economic outlook, and the effectiveness of production cutbacks. The fact that the Middle East saw a slight decrease, while global output was high, indicates a careful balancing act by major players.
This JETRO report provides a snapshot of the global oil landscape in 2024, showing a significant increase in overall production while also acknowledging the strategic adjustments being made by key players in the Middle East. The interplay between these factors will continue to shape the energy markets in the years to come.
2024年の石油生産、中東で前年比0.4％減の日量3,012万バレル、世界全体では過去最高
The AI has delivered the news.
The following question was used to generate the response from Google Gemini:
At 2025-06-30 07:05, ‘2024年の石油生産、中東で前年比0.4％減の日量3,012万バレル、世界全体では過去最高’ was published according to 日本貿易振興機構. Please write a detailed article with related information in an easy-to-understand manner. Please answer in English.