Non-OPEC production is estimated to fall by 12% this year.
That accounts to around 750,000 barrels per day (b/d) to 74 million barrels b/d, according to the International Energy Agency (IEA).
The reduction is also 100,000 b/d less than the IEA’s forecast last month.
It’s latest Oil Market Report (OMR) added global supplies eased by 180,000 b/d to 96.5 million b/d in February.
However production was 1.8 million b/d above a year earlier, it added.
OPEC oil production declined by 90,000 b/d to 32.61 million b/d with losses from Iraq, Nigeria and the United Arab Emirates partly offset by a substantial rise in flows from post-sanctions Iran.
The report stated: “Sharp decelerations in demand growth – particularly in the United States and China – pulled global growth down to a one-year low of 1.2 million b/d in the fourth quarter of last year compared with the year earlier, dramatically below the near five-year high of 2.3 million b/d in the previous quarter. A gain of around 1.2 million b/d is forecast for 2016.”