The oil market monthly report released by the Organization of Petroleum Exporting Countries (OPEC) on May 11th believed that sustainable growth of the US oil production made pressure on the supply and demand balance of crude oil market, while affecting international oil prices to rebound.
OPEC believes that the potential for the future's warming of the crude oil market is under pressure from growth of shale oil and other crude oil supply. The sustainable growth of US crude oil production and its stock higher than expected make pressure on the international crude oil market.
OPEC believes that the current international oil prices are still facing high supply pressure, resulting in that the market to balance is weaken than expected.
In addition, OPEC continued to increase crude of oil production other oil-producing countries than expected and raised daily crude oil production of other oil-producing countries to 370 thousand barrels once again in 2017. According to this calculation, daily crude oil production of non-OPEC oil-producing countries increases by 950 thousand barrels in 2017 than 2016.
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