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OPEC released its Monthly Oil Market Report ((MOMR)) for May, which provides its estimates of inventories and the future demand for OPEC oil. While its figures show that recent supplies are more than adequate, the outlook is more uncertain.
OPEC reported that commercial OECD global oil inventories rose by 3 million barrels in March to end at 58.5 million higher than a year ago and 22.8 million higher than the latest five-year average. It should be noted that that average includes years when there was a substantial oil inventory glut.