Global oil supplies held steady in April at around 98 million barrels per day (mb/d), according to International Energy Agency report on Wednesday.
"Robust non-OPEC output offset lower OPEC production. Strong non-OPEC growth, led by the U.S., pushed global supplies up 1.78 mb/d on a year ago," the report said.
Non-OPEC output will grow by 1.87 mb/d in 2018, a slightly higher rate than recorded in last month’s report.
World oil demand is expected to average 99.2 mb/d in 2018, Wednesday's report showed.
Global oil demand growth for 2018 has been revised slightly downwards from 1.5 mb/d to 1.4 mb/d.
OPEC crude production eased by 130 thousand barrels per day in April, to 31.65 mb/d, on further declines in Venezuela and lower output in Africa.
"Compliance with the Vienna Agreement reached a record 172 percent," the IEA report highlighted.
For Iran's case, the report underlined that the U.S.' decision to withdraw from the Joint Comprehensive Plan of Action regulating Iran’s nuclear activities had switched the focus of oil market analysis from the fundamentals to geopolitics.
"When sanctions were imposed in 2012, Iran’s exports fell by about 1.2 mb/d," the report said, and added the market should examine whether other producers could step in to ensure an orderly flow of oil to the market and offset the disruption to Iranian exports.
By Gulsen Cagatay