Forecasts from OPEC
- Sees oil demand rising 1.65 mbpd in 2018 vs 1.63 mbpd prior
- Inventories declined in March to 9 million barrels above 5-year average
- Says 'geopolitical developments' will impact supply in the months ahead
- Says output rose 12K bpd to 31.93mbpd in April, citing secondary sources
- Says shale increasingly facing logistical constraints
- OPEC says it pumped 9.868 mbpd in April., down 39 bpd m/m and further below its quota
- Venezuela output dropped to 1.505 mbpd
I think it's time that OPEC dropped the pretense that it has voluntarily cut production. It's all spin. Everyone is pumping flat out when they're getting $70 per barrel.
