The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report on Monday. OPEC's output declined by 175,000 barrels per day (bpd) to 32.28 million bpd in February, according to the report. The decline was driven by lower output Iraq, Nigeria and UAE.
Iran's oil production rose by 188,000 bpd to 3.1 million bpd.
Supply from non-OPEC members is expected to fall by 700,000 bpd in 2016.
Global oil demand is expected to climb by 1.25 million bpd in 2016, unchanged from February, OPEC noted.