Global oil supply decreased month-on-month by 60,000 barrels per day (bpd) in December 2019 to average 100.28 million bpd, the Organization of Petroleum Exporting Countries (OPEC) said in its report on Wednesday.
OPEC crude production dropped month-on-month in December by 161,000 bpd to average 29.44 million bpd, according to secondary sources.
However, non-OPEC supply, including OPEC natural gas liquids (NGLs), rose by 110,000 bpd month-on-month to average 70.84 million bpd.
The share of OPEC crude oil in total global production fell by 0.1% to 29.4% in December 2019 compared to the previous month.
OPEC stated that the global economic growth forecast remains at 3% for 2019, but has been revised up by 0.1% to 3.1% for 2020.
"The services sector in the U.S. and other important OECD economies remains an important support factor for 2020 growth, alongside a potential recovery in global manufacturing and improving global trade relations," the report said.
- Angola sees highest output rise
Out of the 14 members of OPEC, Angola saw the highest monthly increase in its oil output, which rose by 125,000 bpd from November to reach approximately 1.41 million bpd in December.
Gabon came in second place with a 26,000 bpd increase to 222,000 bpd in December, while Ecuador's oil production rose by 9,000 bpd to 538,000 bpd.
Saudi Arabia posted the largest monthly decline in oil output, which fell by 111,000 bpd to 9.76 million bpd last month.
Iraq saw its oil production decline by 76,000 bpd to 4.56 million bpd, and the United Arab Emirates marked a decrease of 46,000 bpd to 3.06 million bpd.
OPEC and 10-members of non-OPEC, including Russia, agreed on Dec. 6 in Vienna to cut their total oil production level by an additional 500,000 bpd starting from Jan. 1, 2020.
The agreement comes on top of the already existing curb of 1.2 million bpd that had begun on Jan. 1, 2019.
Both cuts will be run until the end of March 2020, after which OPEC and its allies will meet to assess the global oil market and crude prices to decide whether deeper cuts or a longer period of implementation are needed.
By Ovunc Kutlu