Global liquids production in April decreased by 0.18 million barrels per day (mb/d) to average 99.46 mb/d, the Organization of Petroleum Exporting Countries (OPEC) said in its report on Wednesday.
In April, OPEC crude oil production increased by 1.80 mb/d month on month (m-o-m) to average 30.41 mb/d, according to secondary sources.
Non-OPEC liquids production in April, including OPEC NGLs and non-conventional liquids, is estimated to have fallen by 1.98 mb/d m-o-m to average 69.05 mb/d, a fall of 0.29 mb/d year on year (y-o-y).
As a result, the share of OPEC crude oil out of total global production increased by 1.9 percentage points to 30.6% in April compared with the previous month.
Demand for OPEC crude in 2019 stood at 29.8 mb/d. For 2020, demand for OPEC crude is expected to average 24.3 mb/d, or 5.6 mb/d lower than the level in 2019 following the recent production cut agreement reached at the extraordinary OPEC and non-OPEC ministerial meeting in April.
"In 2020, world oil demand growth is adjusted lower by 2.23 mb/d and is now forecast to drop by 9.07 mb/d," OPEC said.
The report showed that oil demand contraction in 2020 could be mitigated with sooner than expected easing of government COVID-19 related measures, and faster response of economic growth to the implemented extraordinary stimulus packages.
The COVID-19 pandemic, which began in the first quarter this year has spread globally in a matter of a couple of months, caused a recession in the global economy as well as an unprecedented oil demand shock, leading to large oversupply in the oil market.
By Gulsen Cagatay