Global oil supply falls in Jan. '19: OPEC

By Gulsen Cagatay

ANKARA (AA) - Global oil supply decreased month-on-month in January by 1.03 million barrels per day (mb/d) to average 99.32 mb/d, preliminary data of the Organization of the Petroleum Exporting Countries (OPEC) showed on Tuesday.

OPEC's monthly oil market report said that OPEC crude oil production in January decreased by 797 thousand barrel per day (tb/d) to average 30.81 mb/d, according to secondary sources.

Non-OPEC supply, including OPEC natural gas liquids (NGLs), decreased by 0.23 mb/d month-on-month (m-o-m) to average 68.52 mb/d, higher by 2.86 mb/d year-on-year (y-o-y).

According to OPEC report, the share of OPEC crude oil in total global production declined by 0.5 percent to 31.0 percent in January 2019 compared with the previous month.

Furthermore, the report affirmed that in 2019, demand for OPEC crude is forecast at 30.6 mb/d, around 1.0 mb/d lower than the 2018 level.

In 2019, world oil demand growth was revised lower by 0.05 mb/d and is now forecast at 1.24 mb/d, as a result of downward revisions to the economic outlook for major economies.