Global oil supply increased in July by 0.23 million barrels per day (mb/d) month on month (m-o-m) to average 98.71 mb/d, the Organization of Petroleum Exporting Countries (OPEC) reported on Friday.
Non-OPEC supply, including OPEC natural gas liquids (NGLs), rose by 0.29 mb/d m-o-m, to average 69.14 mb/d, up by 1.95 mb/d year on year (y-o-y).
However, secondary sources quoting OPEC's monthly oil market report said its crude oil production in July decreased by 246 thousand b/d to average 29.61 mb/d.
According to OPEC's report, the share of OPEC crude oil in total global production declined by 0.3% to 30% in July 2019 compared to the previous month.
The report also revised up OPEC's crude demand for 2019 by 0.1 mb/d from the previous report to stand at 30.7 mb/d.
However, global oil demand overall for 2019 saw a downward revision with a growth rate of 1.10 mb/d y-o-y, compared to the previous month's estimate of about 0.04 mb/d. This was mainly due to weaker-than-expected oil demand data in the first half of 2019 from the Organization for Economic Co-operation and Development (OECD) countries, the Americas, Asian countries including OPEC member Indonesia, and the Middle East.
"Total oil demand for the year is now anticipated to reach 99.92 mb/d," the report highlighted.
By Gulsen Cagatay