In May 2019, OPEC crude oil production have decreased by 236 thousand barrel per day (tb/d), month on month (m-o-m) to average 29.88 million barrels per day (mb/d), according to secondary sources, the Organization of the Petroleum Exporting Countries (OPEC) said on Thursday.
According to the organization's monthly oil market report, non-OPEC supply, including OPEC Natural Gas Liquids (NGLs), have increased by 0.27 mb/d m-o-m to average 68.39 mb/d.
As a result, global oil supply have slightly increased by 0.04 mb/d m-o-m to average 98.26 mb/d in May 2019.
In 2019, demand for OPEC crude is forecast at 30.5 mb/d, around 1.1 mb/d lower than the estimated 2018 level.
The share of OPEC crude oil in total global production was declined by 0.3 percentage points to 30.4% in May 2019 compared with the previous month.
Crude oil output decreased mostly in Iran, Nigeria and Saudi Arabia, while production increased in Iraq, Angola and Gabon.
According to the report, non-OPEC supply in 2019 is expected to grow by 2.14 mb/d, unchanged from the previous assessment and is to average 64.51 mb/d for the year.
By Gulsen Cagatay