According to the website of the Ministry of Commerce, Saudi Arabian News, May 15th, OPEC on May 14 revised the growth outlook released last month, and believes that global crude oil demand will increase this year. Its main judgment is based on better-than-expected economic data from Asian countries and Latin America represented by India.
According to the latest estimates released by OPEC in its monthly report, the annual global crude oil demand will increase by 1.65 million barrels to 98.84 million barrels a year, which is an increase of 25,000 barrels from the previously forecast daily demand. In addition, OPEC also revised production of non-OPEC oil-producing countries this year, increasing its daily output by 172 million barrels. Adding the two together, OPEC believes that the global market daily supply will have a shortfall of about 600,000 tons. At the same time, the report also believes that the global crude oil inventories have dropped significantly.
We're Here to Help