Global oil supply decreased month on month in December by 0.35 million barrels per day (mb/d) to average 100.02 mb/d compared with the previous month, preliminary data of the Organization of the Petroleum Exporting Countries (OPEC) showed on Thursday.
OPEC's monthly oil market report in January said that OPEC crude oil production in December decreased by 751 thousand barrels per day to average 31.58 mb/d, according to secondary sources.
Preliminary data for non-OPEC supply in December, including OPEC natural gas liquids, showed a month-on-month increase of 0.40 mb/d to average 68.44 mb/d, higher by 3.24 mb/d year on year.
The monthly report showed that the share of OPEC crude oil in total global production declined by 0.6 percent to 31.6 percent in December compared with the previous month.
Furthermore, the report affirmed that forecasts for 2019 will see global oil demand increase by 1.29 mb/d, a rate unchanged from last month's report, to average 100.08 mb/d.
In 2019, demand for OPEC crude is forecast at 30.8 mb/d, around 0.9 mb/d lower than the 2018 estimate, the report said.
By Gulsen Cagatay