Global oil supply in September decreased by 1.77 million barrels per day (mb/d) month on month (m-o-m) to average 97.32 mb/d, the Organization of Petroleum Exporting Countries (OPEC) said in a report on Thursday.
Non-OPEC supply, including OPEC natural gas liquids, decreased by 0.45 mb/d m-o-m to average 68.83 mb/d in September.
OPEC crude oil production for September decreased by 1,318 thousand barrels per day to average 28.49 mb/d, according to secondary sources.
OPEC's report shows the share of OPEC crude of total global production declined m-o-m by 0.8% to 29.3% in September 2019.
However, demand for OPEC crude in 2019 overall was revised up by 0.1 mb/d from the previous report to stand at 30.7 mb/d, which is 0.9 mb/d lower than the 2018 level, the report said.
Additionally, demand for OPEC crude in 2020 was revised up by 0.2 mb/d from the previous report, to stand at 29.6 mb/d. This is 1.2 mb/d lower than the 2019 level.
All regions remain unchanged in terms of global economic growth estimates for 2019 to stand at 3%.
By Gulsen Cagatay