Preliminary data indicates that global oil supply increased by 0.50 million barrels per day (mb/d) to average 100.64 mb/d in November 2018, compared with the previous month, according to the Organization of the Petroleum Exporting Countries (OPEC) data on Wednesday.
According to OPEC's monthly oil market report, in November OPEC crude oil production decreased by 11 thousand barrels per day to average 32.97 mb/d, according to secondary sources.
Preliminary data for non-OPEC supply in November, including OPEC natural gas liquids (NGLs), rose by 0.44 mb/d month on month to average 67.67 mb/d, higher by 2.88 mb/d year on year.
The share of OPEC crude oil in total global production declined by 0.2 percent to 32.8 percent in November compared with the previous month.
In 2019, world oil demand is anticipated to rise by 1.29 mb/d to average 100.08 mb/d, unchanged from last month’s report.
In addition, demand for OPEC crude in 2019 is expected to stand at 31.4 mb/d, lower than demand levels seen this year.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr