Global oil supply fell by 60 thousand barrels per day to 100.19 million barrels per day (mbpd), according to data from the International Energy Agency (IEA) on Friday.
The decrease was largely caused by platform shutdowns in the U.S. Gulf due to Hurricane Barry, and with Saudi Arabia turning down the taps, according to the IEA's Oil Market Report.
OPEC production fell by 190 thousand bpd to 29.71 mbpd, remaining at a five-year low in July, as Saudi Arabia pumped less while Iran and Venezuela lost more output due to sanctions.
Saudi Arabia delivered the biggest production decrease in July, with output dropping 120 thousand bpd to 9.65 mbpd.
Crude production in Iran dropped 50 thousand bpd in July to 2.23 mbpd, the lowest since the late 1980s.
Supply in Venezuela fell 60 thousand bpd in July to 810 thousand bpd.
Iraq was the only country among OPEC members to post a significant increase during July when production rose by 60 thousand bpd to 4.78 mbpd.
As for non-OPEC, oil supply rose by 160 thousand bpd to 64.94 mbpd, as a rebound in North Sea and Brazilian output more than offset lower production in the U.S.
On the demand side, the IEA estimates that global oil demand will grow by 1.1 mbpd year-on-year to 100.4 mbpd in 2019 and forecasts demand to rise by 1.3 mbpd year-on-year to 101.7 mbpd in 2020.
By Zeynep Beyza Kilic