Oil production still falls in May

9 years ago - Published in Commodities, Finance

Despite the June summit has not led to any conclusion, OPEC saw off the production in May. This was revealed by the latest monthly bulletin of the cartel, which confirms also relatively flat demand.

According to the latest Oil Market Report, the demand is expected to grow by 1.2 million barrels a day this year to 94.18 MBG, an estimate that are left untouched by previous forecasts.

Non-OPEC production is expected to decline instead of 740 thousand barrels in 2016 to 56,4 million, as a result of Canada, Brazil and Colombia, while the production of the sign will drop to 31.5 MBG. decreasing also expected US production, which will fall by 420 thousand barrels to 13.57 MBG.

Meanwhile, the 13 OPEC countries pumped 32.36 million barrels in May, a decrease of 100 thousand barrels compared to April, especially for production losses from Nigeria and Venezuela. Oil WTI today keeps on closing levels on Friday to $ 49.16 per barrel (+ 0.14%).