Global oil supply increased in August by 0.83 million barrels per day (mb/d) month on month (m-o-m) to average 99.24 mb/d, the Organization of Petroleum Exporting Countries (OPEC) reported on Wednesday.
Non-OPEC supply, including OPEC natural gas liquids (NGLs), rose by 0.70 mb/d m-o-m, to average
69.50 mb/d, up by 1.48 mb/d year on year (y-o-y).
In August, OPEC crude oil production increased by 136 thousand barrels per day to average 29.74 mb/d, secondary sources show.
According to OPEC's report, the share of OPEC crude oil in total global production declined by 0.1% to 30% in August compared to July.
Demand for OPEC crude in 2019 was revised down from OPEC's previous report to stand at 30.6 mb/d, or
1.0 mb/d lower than the 2018 level.
According to the report, non-OPEC oil supply growth for 2019 was revised up by 10 thousand barrels per day from last month’s projections to 1.99 mb/d.
"Upward revisions to oil production from Russia, Kazakhstan, Australia and Canada outpaced a downward revision to the U.S. oil supply forecast," the report stated, adding the main countries acting as drivers for growth in 2019 are the U.S. with growth of 1.8 mb/d, along with Brazil, China, the U.K., Australia and Canada.
By Gulsen Cagatay