Global oil supply increased in November by 0.41 million barrels per day (mb/d) month on month to average 99.78 mb/d, the Organization of Petroleum Exporting Countries (OPEC) said in its report on Wednesday.
Non-OPEC supply, including OPEC natural gas liquids (NGLs), rose by 0.61 mb/d month on month, to average 70.22 mb/d.
However, OPEC crude production dropped month-on-month in November by 193 thousand barrels per day to average 29.55 mb/d, according to secondary sources.
The share of OPEC crude oil in total global production fell by 0.3% to 29.6% in November 2019 compared to the previous month.
OPEC stated that the global economic growth forecast remains at 3.0% for both 2019 and 2020.
"Global economic growth slowed in 2019, impacted by a variety of challenges. Trade issues not only led to reduction in global final consumption but also caused investment growth to decelerate," the cartel underlined.
On the positive side, OPEC stated that the global trade slowdown has likely bottomed out, and now the negative trend in industrial production seen in 2019 is expected to reverse in 2020.
"As a result, global economic growth is forecast at 3% for both 2019 and 2020," OPEC highlighted.
- OPEC Meeting
On Thursday and Friday, OPEC's Saudi-led 14 members along with 10 members of Russia-spearheaded non-OPEC met in Vienna, Austria for three meetings.
After these meetings, the group, known as OPEC+, agreed on Friday to make an additional production cut of 0.5 million barrels per day, which increased their total output curb to 1.7 million barrels per day until the end of March 2020.
By Gulsen Cagatay