OPEC crude oil production in May increased by 35 thousand barrels to 31.87 million barrels per day (mb/d), according to secondary sources of OPEC's data on Tuesday.
According to OPEC's monthly oil market report, global oil supply in May increased by 0.27 mb/d month on month (m-o-m) to 97.86 mb/d, representing an increase of 1.74 mb/d year on year (y-o-y).
Non-OPEC supply growth in 2017 stands at 0.88 mb/d y-o-y, revised up marginally by 0.01 mb/d from last month’s assessment.
"For 2018, total non-OPEC supply was revised up by 0.13 mb/d, to 59.75 mb/d, representing y-o-y growth of 1.86 mb/d," the report indicates.
In addition, the share of OPEC crude oil in total global production was unchanged at 32.6 percent in May, compared with the previous month.
- Global oil demand
In 2018, demand for OPEC crude is forecast at 32.7 mb/d, a decline of 0.3 mb/d from the previous year’s level.
The report states that this year, projected oil demand growth was also kept unchanged despite some offsetting revisions in both OECD and non-OECD countries.
"Global oil demand is now estimated at 1.65 mb/d y-o-y to average 98.85 mb/d," OPEC says.
By Gulsen Cagatay