News about OPEC

Crude oil production by countries participating in the DoC increased by 180 tb/d in May, m-o-m, to average about 41.23 mb/d, according to available secondary sources. pic.x.com/x4Plrixm5R

In 2026, global oil demand is forecast to grow by 1.3 mb/d y-o-y, also unchanged from last month’s assessments, with the OECD forecast to grow by around 0.1 mb/d, y-o-y, while the non-OECD is forecast to grow by 1.2 mb/d, y-o-y #MOMR pic.x.com/jEtOZsn4Fg

OIL MARKET: In its monthly oil market update, @IEA sees oil market massively oversupplied, with global inventories increasing at a rate of ~1m b/d since February. IEA cut slightly its forecast for oil demand growth in 2025 to 720,000 b/d (from 740,000 b/d last month). #OOTT

*IF* EIA data tomorrow sees a significant oil inventory drop like API did today (over 10MMbbl), we could see WTI rubbing up on $80/bbl soon if escalations in Iran continue- but we also could be seeing sharp decreases eventually come July.