Global oil production falls in September 2019

- OPEC crude oil production decreases by 1,318 million barrels per day to average 28.49 million, OPEC report says

Global oil supply in September decreased by 1.77 million barrels per day (mb/d) month on month (m-o-m) to average 97.32 mb/d, the Organization of Petroleum Exporting Countries (OPEC) said in a report on Thursday.

Non-OPEC supply, including OPEC natural gas liquids, decreased by 0.45 mb/d m-o-m to average 68.83 mb/d in September.

OPEC crude oil production for September decreased by 1,318 thousand barrels per day to average 28.49 mb/d, according to secondary sources.

OPEC's report shows the share of OPEC crude of total global production declined m-o-m by 0.8% to 29.3% in September 2019.

However, demand for OPEC crude in 2019 overall was revised up by 0.1 mb/d from the previous report to stand at 30.7 mb/d, which is 0.9 mb/d lower than the 2018 level, the report said.

Additionally, demand for OPEC crude in 2020 was revised up by 0.2 mb/d from the previous report, to stand at 29.6 mb/d. This is 1.2 mb/d lower than the 2019 level.

All regions remain unchanged in terms of global economic growth estimates for 2019 to stand at 3%.

By Gulsen Cagatay

Anadolu Agency

energy@aa.com.tr