OPEC's crude oil production decreased by
151 thousand barrels per day (b/d) to 32.59 million b/d in October,
according to the organization's report on Monday.
In
October, output in non-OPEC countries increased to 64.12 million
barrels per day (mb/d), up by 680 thousand b/d from September levels.
With the increase in non-OPEC output, global oil supply rose by 530 thousand b/d to average 96.71 mb/d in October.
"The
share of OPEC crude oil in total global production fell slightly by 0.3
percentage points to total 33.7 percent in October, compared with 34
percent in the previous month," OPEC said.
According
to the organization, crude oil output increased the most in Angola,
Libya and Saudi Arabia while production showed declines in Iraq, Nigeria
and Venezuela.
Angola raised its
production level by 69.8 thousand b/d, while output in Libya increased
by 42.3 thousand b/d. Production struggled in Iraq and dropped by 131
thousand b/d to 4.48 thousand barrels per day.
World
oil demand growth is expected to rise by 1.53 mb/d in 2017 after an
upward adjustment of 74 thousand b/d to account for the
better-than-expected performance of China in the third quarter this
year.
In 2018, world oil demand is forecast to reach 1.51 mb/d, around 130 thousand b/d higher than in the previous assessment.
(Anadolu Agency)