Saudi Arabia ramped up crude oil production by 377,000 barrels per day (bpd) to average 11.02 million barrels per day (mbd) in November, OPEC said in its latest report, citing secondary sources.
The direct communication figures showed the Kingdom increased production by 451,000 bpd to 11.09 mbd last month.
On the other hand, the UAE added 71,000 bpd to reach 3.25 mbd, the report said, quoting secondary sources. However, total OPEC crude oil production fell by 11,000 bpd to average 32.97 mbd.
Meanwhile, global oil demand is forecast to increase by around 1.29 mbd, 160,000 bpd lower than the revisions from the initial forecast in 2018, to average 100.1 mbd.
While demand for OPEC crude is expected to stand at 31.4 mbd next year, which is lower than the demand levels seen this year, the decision to adjust overall production by 1.2 mbd, effective as of January 2019 for an initial period of six months, "should contribute to sustainability of market stability," the report noted.
Additionally, non-OPEC oil supply growth in 2018 is estimated at 2.50 mbd, an upward revision of 0.19 mbd from the previous month. The US, Canada, Russia and Kazakhstan are expected to be the main growth drivers, while Mexico and Norway are anticipated to show the largest declines.
Non-OPEC oil supply growth in 2019 was revised down by 0.08 mbd to stand at 2.16 mbd and is forecast to reach an average of 62.19 mbd, OPEC said.
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