Global oil supply in October increased in October by 1.67 million barrels per day (mb/d) month on month (m-o-m) to average 99.34 mb/d, the Organization of Petroleum Exporting Countries (OPEC) said in its report on Thursday.
Non-OPEC supply, including OPEC natural gas liquids (NGLs), rose by 0.73 mb/d m-o-m, to average 69.69 mb/d, up by 1.28 mb/d year on year (y-o-y).
In October, OPEC crude oil production increased by 943 thousand b/d to average 29.65 mb/d, according to secondary sources.
The share of OPEC crude oil in total global production increased m-o-m by 0.5 percentage points to 29.8% in October 2019.
OPEC stated that the global economic growth forecast remains at 3% growth for both 2019 and 2020 and global oil demand growth is estimated at 0.98 mb/d.
"In 2020, oil demand growth is forecast at 1.08 mb/d, also unchanged from the last month’s report. Other Asia and China are assumed to be the largest contributors to oil demand growth with a combined addition of 0.68 mb/d," the OPEC underlined.
By Gulsen Cagatay