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.
- 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.