OPEC's crude oil production decreased by 133 thousand barrels per day (b/d) to 32.45 million b/d in November, according to the organization's Wednesday report.
In November, output in non-OPEC countries rose to 57.82 million barrels per day (mb/d), an increase of 810 thousand b/d from October.
Preliminary data indicates that global oil supply increased by 0.84 mb/d to average 97.44 mb/d in November 2017 compared with the previous month.
"The share of OPEC crude oil in total global production fell slightly by 0.4 percent to total 33.3 percent," OPEC said.
According to the organization, crude oil output increased the most in Nigeria, while production showed declines in Angola, Saudi Arabia, Venezuela and the U.A.E.
Nigeria raised its production level by 95.8 thousand b/d, while output in Angola decreased by 108.7 thousand b/d. Production in struggling Venezuela dropped by 41.6 thousand b/d to 1.83 mb/d.
In 2018, the demand for OPEC crude is projected to be 33.2 mb/d, about 0.3 mb/d higher than the 2017 level.
In 2018, world oil demand is expected to grow by 1.51 mb/d to around 98.45 mb/d.
The non-OPEC supply forecast for next year’s growth was also revised up by 0.12 mb/d to 0.99 mb/d year-on-year, mainly owing to expected higher U.S. oil supply growth, leading to an average of 58.81 mb/d for the year.
"The 2018 forecast for non-OPEC supply is associated with considerable uncertainties, particularly regarding U.S. tight oil developments," the report said.
(Anadolu Agency)
