OPEC crude production in March decreased by 201 thousand barrels per day (tb/d) to average 31.96 million barrels per day (mb/d), according to secondary sources of OPEC's data on Thursday.
Global oil supply in March increased by 0.18 mb/d month-on-month (m-o-m), to average 98.15 mb/d, representing an increase of 2.15 mb/d year-on-year (y-o-y), according to OPEC's monthly oil market data.
In addition, preliminary non-OPEC oil supply, including OPEC Natural Gas Liquids (NGLs), was up 0.38 mb/d m-o-m, and rose by 2.12 mb/d y-o-y to average 66.20 mb/d.
The share of OPEC crude oil out of total global production was down by 0.3 percentage points to 32.6 percent in March, compared with the previous month.
'Similarly, world oil demand growth for 2018 was adjusted higher by around 30 tb/d from the previous month's assessment with oil demand growth pegged at 1.63 mb/d and total oil consumption at 98.70 mb/d with total world oil demand breaking a historical threshold of 100 mb/d in the fourth quarter of 2018,' the data shows.
Non-OPEC supply is now estimated to average 59.61 mb/d for 2018.
OPEC stated that in 2018, demand for OPEC crude is projected as 32.6 mb/d, 0.3 mb/d less than the level seen in 2017.
The total number of global oil rigs was recorded as 2,260, while the oil rigs of OPEC producers amounted to 569 in March.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr