Global oil supply in August saw a month-on-month increase of 0.49 million barrels per day (mb/d) to average 98.88 mb/d, the Organization of the Petroleum Exporting Countries (OPEC) said Wednesday.
According the organization's monthly oil market report, OPEC crude oil production increased by 278 thousand barrels per day (kb/d) last month to average 32.56 mb/d, according to secondary sources.
Non-OPEC supply in August, including OPEC natural gas liquids, rose by 0.21 mb/d to average 66.31 mb/d, higher by 2.89 mb/d year-on-year (y-o-y).
The share of OPEC crude oil in total global production increased from 32.8 percent to 32.9 percent in August compared with the previous month.
Crude oil output increased mostly in Libya, Iraq and Nigeria, while production declined in Iran, Venezuela and Algeria.
Crude oil production in Libya increased by 256 kb/d to reach 926 kb/d, while Iran saw declines of 150 kb/d, lowering the overall production figure to around 3.58 mb/d.
Remaining almost unchanged from the previous report, demand for OPEC crude in 2019 is projected to stand at 32.1 mb/d, 0.9 mb/d lower than the 2018 level, while world oil demand growth for 2019 is now forecast at 1.41 mb/d and total global consumption at around 100.23 mb/d.
'In 2019, world oil demand growth was revised slightly lower by 20 kb/d from the previous month’s report, primarily as a result of economic revisions to Latin America and the Middle East,' the report explained.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr