Global oil supply increased by 200 thousand barrels per day in November to 97.8 million barrels per day (mb/d) compared to the previous month, according to the International Energy Agency’s (IEA) Thursday report.
OPEC's crude supply fell in November for the fourth consecutive month to 32.36 mb/d, down 1.3 mb/d on a year ago.
"Output was lower in Saudi Arabia, Angola and Venezuela. Compliance with agreed cuts rose to 115 percent, the highest this year, and lifted the 2017 average to 91 percent," the IEA said.
Additionally, OPEC's natural gas liquids and unconventional supplies totaled 6.33 mb/d, leading to overall OPEC liquids production, including crude oil output, of 39.29 mb/d in November.
Saudi Arabia, the largest producer of the cartel, pumped out 9.97 million b/d in November.
Last month, output was nonetheless down 1.1 mb/d on a year ago when Russia and Middle East OPEC producers pumped at record rates.
"Non-OPEC supply is set to rise by 0.6 mb/d in 2017 and 1.6 mb/d next year," the IEA stated.
Additionally, world demand is estimated at 96.3 mb/d in 2016 and 97.8 mb/d in 2017.
By Gulsen Cagatay