The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report on Wednesday. OPEC's output rose by 15,000 barrels per day (bpd) to 32.25 million bpd in March, according to the report. The increase was mainly driven by higher output from Iran, Iraq and Angola, while production declined in UAE, Libya and Nigeria.

Iran's oil production rose by 15,000 bpd to 3.4 million bpd.

Supply from non-OPEC members is expected to fall by 730,000 bpd in 2016, 30,000 bpd more than expected last month.

Global oil demand is expected to climb by 1.20 million bpd in 2016, down by 500,000 bpd from March, OPEC noted.

"Economic developments in Latin America and China are of concern. There is great uncertainty as to whether weakening economic activity in Latin America and signals of a slowdown in China will be reflected in oil demand data, especially for China," OPEC said.

Demand for OPEC's crude is expected to by average 31.46 million bpd in 2016, down 60,000 bpd from March.