Global oil supply in April slightly decreased by 0.07 million barrels per day (bpd) to average 98.82 million bpd, compared with the previous month, the Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday (May 14).
According to the organization’s monthly oil market report, OPEC’ crude oil production remained marginally unchanged from the previous month to average 30.03 million bpd. However, non-OPEC supply, including OPEC natural gas liquids, decreased by 0.07 million bpd month-on-month to average 68.79 million bpd, up by 2.62 million bpd year-on-year.
The fall in non-OPEC supply was mainly driven by Kazakhstan, Canada, China, and Russia, according to the report. The share of OPEC crude oil in total global production stayed unchanged at 30.4 percent in April compared with the previous month.
Crude oil output decreased mostly in Iran, Saudi Arabia, and Angola, while production increased in Iraq, Nigeria, and Libya. Iran saw declines of 164 thousand barrels per day lowering the overall production figure to around 2.5 million bpd, while crude oil production in Iraq increased by 113 thousand bpd to reach 4.6 million bpd.
Unchanged from last month’ report despite some revisions within the regions, world oil demand growth for 2019 is projected to increase by 1.21 million bpd, to average 99.94 million bpd.
Demand for OPEC crude in 2019 was revised up by 0.3 million bpd from the previous report to stand at 30.6 million bpd. However, it is 1.0 million bpd lower than the 2018 level.