The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report on Friday. OPEC's output climbed by 188,000 barrels per day (bpd) to 32.44 million bpd in April, according to the report. The increase was driven by higher output from Iran.

Iran's oil production rose by 198,000 bpd to 3.45 million bpd in April.

Supply from non-OPEC members is expected to fall by 745,000 bpd in 2016 compared to the last year, while the U.S. oil output is expected to decline by 431,000 bpd.

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

OPEC noted that investments in exploration and production between 2016 and 2018 would be less than half of investments during 2012 to 2014.

OPEC also said that the global oil oversupply remained.

"Not much has fundamentally changed as the oversupply remains and global oil inventories are at record highs. But investors hope strong demand, particularly for gasoline, ahead of the US driving season and weaker non-OPEC production will help work down excess supply," OPEC noted.