"While oil demand is expected to grow at a moderate pace in 2019, it is still well below the strong growth expected in the non-OPEC supply forecast for this year", OPEC said in the report.
Oil prices were steady on Friday, supported as production cuts led by OPEC and USA sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019.
The Energy Information Administration said Wednesday that US crude inventories fell by 3.9 million barrels in the week to March 8.
EIA expects these trends to continue over the next several years.
Opec on Thursday cut the forecast of global demand for its oil this year as rivals boost production.More news: London confirmed as World Series sevens venue for next four years
OPEC sources have said an extension of the supply-cutting pact is the likely scenario.
The National Bank of Australia said the outlook for the oil market was mixed because there were downside risks to prices due to concerns about economic growth and strong growth in U.S. supply, while the cutbacks in OPEC declined and the United States imposed sanctions on Iran and Venezuela. The group and its allies are due to meet in April and June to discuss policy.
Overall Opec output fell by 221,000 bpd month-on-month to 30.55 million bpd.
For 2020, the government said it expected USA crude oil demand to rise by 220,000 bpd to 21.03 million bpd, unchanged from previous forecasts.
Brent was still at $67.75 per barrel at 0244 GMT, up 20 cents, or 0.3 percent, from its last close.More news: Patriots sign free agent WR Bruce Ellington to one-year contract
Data from the Petroleum Institute showed that distillate stocks, including diesel and fuel oil, increased by 195,000 barrels, compared to a forecast of 1.9 million barrels.
Brent was up 98 cents, or 1.47 percent, to $67.63 per barrel, while West Texas Intermediate climbed $1.50, or 2.64 percent, to $58.37 per barrel.
Saudi Energy Minister Khalid Al-Falih suggested last month that he favored maintaining output curbs when asked to comment on U.S. President Donald Trump's tweet on February 25 demanding OPEC to "relax" its stance on tightening supplies.
At the moment the barrel of WTI is up 0.50% at $58.53 and a breakout of $59.63 (50% Fibo of the October-December drop) would open the door for $62.00 (200-day SMA) and then $63.74 (78.6% Fibo of the October-December drop).
"Tighter global inventories from OPEC-led supply cuts and".More news: Flu season is not over yet