The Organization of Petroleum Exporting Countries (OPEC) released its May Oil Market Report this morning. The cartel did not materially change its forecast for global demand growth of 800,000 barrels a day to a total of 89.7 million barrels a day.
But the cartel did revise downward its demand projections for the first quarter based on actual data. In its April report, OPEC forecast global demand of 89.7 million barrels a day. The May report cuts that to 89 million barrels a day in the first quarter. But OPEC says:
The latter half of the year will see much higher oil use, reaching 90.1 mb/d and 90.9 mb/d in the third and fourth quarters, respectively. For the whole year, world oil demand growth is expected to increase by 0.8 mb/d to average 89.7 mb/d, unchanged from the previous assessment.
And that is the way the world goes around.
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