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OPEC Crude Output Fell By 191kbpd MoM In April To 28.60mbpd

OIL

OPEC-13 crude oil output declined by 191kbpd on the month to 28.60mbpd in April, according to OPEC’s Monthly Oil Market Report.

  • World oil demand growth remains unchanged at 2.3mbpd. OECD oil demand is expected to grow by almost 0.1mbpd and non-OECD growth is forecast at around 2.3mbpd.
  • OPEC leaves the 2023 non-OPEC supply growth forecasts unchanged at 1.4mbpd. There remains uncertainty around US shale oil output and unplanned field maintenance for this year.
  • Global refinery processing rates recovered in April, up by 918kbpd.

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