Global oil supply has increased in June 2019 by 0.47 million barrels per day (mb/d) month on month (m-o-m) to average 98.56 mb/d, the Organization of Petroleum Exporting Countries (OPEC) showed on Thursday. OPEC's monthly oil market report said that in June, its crude oil production decreased by 68 thousand barrels per day to average 29.83 mb/d, according to secondary sources.
However, non-OPEC supply, including OPEC natural gas liquids (NGLs), rose by 0.54 mb/d m-o-m, to average 68.73 mb/d. According to OPEC's report, the share of OPEC crude oil in total global production declined by 0.2 percentage points to 30.3% in June 2019 compared to the previous month. Furthermore, the report affirmed that in 2019, demand for OPEC crude is forecast to remain at 1.14 mb/d, with expectations that global oil demand will reach 99.87 mb/d.
Demand for OPEC crude was revised up for 2019 by 0.1 mb/d from the previous report to stand at 30.6 mb/d. The forecast for non-OPEC supply, however, was adjusted down due to the extension of the voluntary production adjustments by participating oil producing countries of the Declaration of Cooperation, as well as
downward revisions for Brazil and Norway in the second quarter of 2019. "The non-OPEC oil supply growth forecast for 2019 has been revised down by 95 thousand b/d to reach 2.05 mb/d y-o-y, standing at 64.43 mb/d," the report.
(Anadolu Agency)
