OPEC crude production dropped month-on-month in January by 509,000 bpd to average 28.86 million bpd, according to secondary sources.
However, non-OPEC supply, including OPEC natural gas liquids (NGLs), rose by 50,000 bpd month-on-month to average 71.26 million bpd.
The share of OPEC crude oil in total global production fell by 0.5% to 28.8% in January 2020 compared to the previous month.
OPEC stated that the global economic growth forecast had been revised down by 0.1% to 3.0% for 2020.
"An ongoing solid service sector in the U.S. and other important OECD economies, and improving global trade relations in combination with stimulus measures in China and ongoing accommodative monetary policies are supporting global growth," the report said.
- Saudi Arabia sees highest output rise
Out of the 14 members of OPEC, Saudi Arabia saw the highest monthly increase in its oil output, which rose by 57,000 bpd from December 2019 to reach approximately 9.73 million bpd in January 2020.
Nigeria ranked second with a 25,000 bpd increase to 1.77 million bpd in January, while Equatorial Guinea's oil production rose by 3,000 bpd to 124,000 bpd.
Libya posted the largest monthly decline in oil output, which fell by 344,000 bpd to 796,000 bpd last month.
Iraq saw its oil production decline by 68,000 bpd to 4.5 million bpd, and Kuwait marked a decrease of 44,000 bpd to 2.66 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 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