Global
oil supply increased by 200 thousand barrels per day in November to 97.8
million barrels per day (mb/d) compared to the previous month, according to the
International Energy Agency’s (IEA) Thursday report.
OPEC's
crude supply fell in November for the fourth consecutive month to 32.36 mb/d,
down 1.3 mb/d on a year ago.
"Output
was lower in Saudi Arabia, Angola and Venezuela. Compliance with agreed cuts
rose to 115 percent, the highest this year, and lifted the 2017 average to 91
percent," the IEA said.
Additionally,
OPEC's natural gas liquids and unconventional supplies totaled 6.33 mb/d,
leading to overall OPEC liquids production, including crude oil output, of
39.29 mb/d in November.
Saudi
Arabia, the largest producer of the cartel, pumped out 9.97 million b/d in
November.
Last
month, output was nonetheless down 1.1 mb/d on a year ago when Russia and
Middle East OPEC producers pumped at record rates.
"Non-OPEC
supply is set to rise by 0.6 mb/d in 2017 and 1.6 mb/d next year," the IEA
stated.
Additionally,
world demand is estimated at 96.3 mb/d in 2016 and 97.8 mb/d in 2017.
(Anadolu
Agency
)