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OPEC Crude Output Fell By 464kbpd MoM In May

OIL

OPEC-13 crude oil output declined by 464kbpc on the month to 28.07mbpd in May, which marks the first month the group’s voluntary cuts came into effect according to OPEC’s Monthly Oil Market Report.

  • World oil demand growth for this year remains mostly unchanged on the month at 2.35mbpd, compared with 2.33mbpd a month earlier.
  • China’s oil demand growth for this year has been revised up to 840kbpd, from 800kbpd last month.
  • OPEC hast kept its 2023 global economic-growth forecasts steady at 2.6%. The group raised this year’s economic growth forecasts for the US to 1.3%, from 1.2% last month. The Chinese economic-growth forecasts remained unchanged at 5.3%.
Energy BulletsCommodities
Energy BulletsCommodities

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