(Ecofin Agency) - OPEC has revealed in its latest monthly report that its strategy might be working at last as it expects oil production from non-OPEC members to drop from 380,000 bpd to average 57.14 million per day in 2016, Engineering News reports.

The group had initially predicted a decline of 130,000 bpd for non-OPEC members.

Oil prices have fallen by over 60 % in the past 18 months due to global oversupply and a weaker Chinese economy, with Brent crude dropping below $40 this week since 2009.

“US tight oil production, the main driver of non-OPEC supply growth, has been declining since April 2015. This downward trend should accelerate in coming months given various factors, mainly low oil prices and lower drilling activities”, OPEC said in the report.

According to the report, OPEC’s production, rose by 230 000 bpd in November to 31.70 million bpd. However, Indonesia which returned to the group at the last meeting is not included in the figure.

With additional barrels coming from OPEC, the report highlighted an 860 000 bpd oversupply in the market in 2016 up from 560 000 bpd shown in last month's report. The group had left its 2016 oil demand growth forecast unchanged, thinking global demand would increase by 1.25-million bpd, representing a deceleration from 1.53 million bpd in 2015.