According to Reuters, OPEC in its outlook for the second half of the year expects significant downside risks to remain from trade disputes spilling over to global demand growth.

Key quotes

  • Global oil demand growth forecast to 1.14 million bpd (prev. Forecast 1.21 million bpd).
  • Sees 2019 demand for its crude averaging 30.52 mln bpd, down 60,000 bpd from prev. forecast.
  • Leaves 2019 non-OPEC oil supply growth forecast at 2.14 million bpd.
  • Citing secondary sources, says its May oil output fell by 236,000 bpd m/m to 29.88 mln bpd on lower supply from Iran and supply.
  • OECD oil inventories rose by 25 mln barrels m/m in April and stood 7.6 mln barrels above latest 5-year average.