During May, global oil supply edged down 100,000 barrels per day (tbpd) to 99.5 million barrels per day (mbpd), nearly 3 mbpd below a November peak, according to data from the International Energy Agency (IEA) on Friday.
'The month-on-month (m-o-m) loss - led by Canada, Iran, Russia and Saudi Arabia - was mostly offset by higher supply from Brazil, the US, Iraq and biofuels,' the IEA's Oil Market Report.
In addition, as for OPEC, plunging Iranian production and lower Saudi and Nigerian output cut crude supply by 230 tbpd to just under 30 mbpd, a five-year low.
'For OPEC output, at 29.95 mbpd, production was down 230 tbd m-o-m and 1.5 mbpd lower than a year ago,' IEA said.
Output in Iraq climbed 130 tbpd in May as exports rose and domestic throughput edged higher and production in Kuwait increased to 2.71 mbpd.
'Non-OPEC supply rose 130 tbpd to 64 mbpd,' the agency added.
In non-OPEC supply, Russian production dropped to its lowest level in a year, while maintenance affected operations in Canada, Kazakhstan and the North Sea.
The IEA estimates that global oil demand will grow by 1.2 mbpd year-on-year to 100.3 mbpd in 2019, led by Asia Pacific with 35.4 mbpd. The Americas and Europe is forecast to follow with 32.1 mbpd and 15.2 mbpd, respectively.
By Gulsen Cagatay