Global oil supply falls in April 2019

ANKARA (AA): Global oil supply in April slightly decreased by 0.07 million barrels per day (mb/d) to average 98.82 mb/d, compared with the previous month, the Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday. 

According to the organization’s monthly oil market report, OPEC crude oil production remained marginally unchanged from the previous month to average 30.03 mb/d, according to secondary sources.

However, non-OPEC supply, including OPEC natural gas liquids, decreased by 0.07 mb/d month-on-month to average 68.79 mb/d, up by 2.62 mb/d year-on-year. The fall in non-OPEC supply was mainly driven by Kazakhstan, Canada, China and Russia, according to the report.

The share of Organization of the Petroleum Exporting Countries (OPEC) crude oil in total global production stayed unchanged at 30.4% in April compared with the previous month. Crude oil output decreased mostly in Iran, Saudi Arabia and Angola, while production increased in Iraq, Nigeria and Libya.

Iran saw declines of 164 thousand barrels per day lowering the overall production figure to around 2.5 mb/d, while crude oil production in Iraq increased by 113 thousand b/d to reach 4.6 mb/d.

Unchanged from last month’s report despite some revisions within the regions, world oil demand growth for 2019 is projected to increase by 1.21 mb/d, to average 99.94 mb/d.

Demand for OPEC crude in 2019 was revised up by 0.3 mb/d from the previous report to stand at 30.6 mb/d. However, it is 1.0 mb/d lower than the 2018 level.