Global oil supply decreased month-on-month by 290,000 barrels per day (bpd) in February 2020 to average 99.75 million bpd, the Organization of Petroleum Exporting Countries (OPEC) said in its report on Wednesday.
OPEC crude oil production dropped month-on-month by 546,000 bpd to average 27.77 million bpd in February, according to secondary sources.
However, non-OPEC supply, including OPEC natural gas liquids (NGLs), rose by 250,000 bpd month-on-month to average 71.98 million bpd in February.
The share of OPEC crude oil in total global production fell by 0.5% to 27.8% in February, compared to the previous month.
OPEC stated that the global economic growth forecast for 2020 had been revised down to 2.4%, from the previous estimate of 3%.
Due to coronavirus China is expected to see a sharp deceleration in growth in the first quarter of 2020, OPEC said, adding the impact of Covid-19 related developments outside China will continue well into the second quarter, especially in Asia, the Euro-zone, U.S. and Middle East.
- Iraq sees highest output rise
Out of the 13 members of OPEC, Iraq saw the highest monthly increase in its oil output, which rose by 86,000 bpd from January to reach approximately 4.59 million bpd in February.
Nigeria ranked second with a 29,000 bpd increase to 1.79 million bpd in February, while Angola's oil production rose by 15,000 bpd to 1.39 million bpd.
Libya posted the largest monthly decline in oil output, which fell by 647,000 bpd to 146,000 bpd last month.
Saudi Arabia saw its oil production decline by 56,000 bpd to 9.68 million bpd, and Algeria marked a decrease of 5,000 bpd to approximately 1.01 million bpd.
By Ovunc Kutlu