Global Oil Supply Decreased in September

Global Oil Supply Decreased in September Global oil supply decreased in September. Oil supply, which decreased by 600 thousand barrels in September, decreased to 91 million 100 thousand barrels. According to the monthly oil market report published by the International Energy Agency (IEA) for September, the crude oil production of the Organization of Petroleum Exporting Countries (OPEC) decreased by 340 thousand barrels per day compared to the previous month in September and reached 24 million 80 thousand barrels. Other unconventional OPEC production other than crude oil was recorded as 5 million 130 thousand barrels per day. Accordingly, OPEC's total oil production was recorded as approximately 29 million 210 thousand barrels per day in September. In the said period, the oil production of countries not included in OPEC decreased by 230 thousand barrels to 61 million 880 thousand barrels. According to these data, the global oil supply, which decreased by 600 thousand barrels in September compared to the previous month, was recorded as approximately 91 million 100 thousand barrels. As stated in the September report, it is predicted that the global oil demand will decrease by an average of 8 million 400 thousand barrels on a daily basis in 2020 compared to the previous year, to reach 91 million 700 thousand barrels. In 2020, the Asia Pacific region is estimated to be at the top of the line with 33 million 600 thousand barrels of oil demand, while the American continent is expected to follow it with 28 million 600 thousand barrels. The oil demand of Europe is estimated to be 13 million 400 thousand barrels. In the next year, oil demand is expected to increase by an average of 6 million barrels on a daily basis and reach 97 million 200 thousand barrels. It is estimated that the demand of the Asia Pacific region will be 35 million 600 thousand barrels of oil next year, while the American continent will demand 30 million 600 thousand and Europe will demand 14 million 300 thousand barrels of oil.