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Global oil production shows marginal rise in November

Anadolu Agency ECONOMY
Published December 12,2019

Global oil supply increased marginally during the month of November, according to data from the International Energy Agency (IEA) on Thursday.

The increase came from non-OPEC countries, while OPEC's oil production decreased in November, according to the IEA's Oil Market Report.

Non-OPEC supply increased by 320,000 bpd, from 65.83 million bpd in October to 66.15 million bpd in November, the report showed.

Total OPEC crude output, however, fell by 300,000 barrels per day (bpd) from the previous month to reach 35.21 million bpd in November, according to the agency.

This brought total global oil supply to 101.36 million bpd in November, from 101.34 million bpd in October, marking a 20,000 bpd increase.

Global oil demand is expected to increase in 2020 compared to this year, according to the IEA.

The IEA forecasts oil demand worldwide to average 101.5 million bpd next year, up from 100.2 million bpd estimated for this year.

The Asia-Pacific region is expected to lead the world's oil demand in 2020 with 36.7 million bpd, followed by the Americas at 32.2 million bpd and Europe with 15.1 million bpd.