USOI - OPEC Update - May 2024
2024-05-21 05:00:00 ET
Summary
- Crude output for OPEC 12 decreased by 48 kb/d in April with decreases coming from Nigeria, Iraq, and Venezuela which were offset by increases in Congo and Iran.
- Preliminary March 2024 data shows total OECD commercial oil stocks up by 20.2 Mb, m-o-m.
- In this month’s MOMR, OPEC has stopped reporting the balance of supply and demand for OPEC and is reporting the balance of supply and demand for the Declaration of Cooperation nations.
A guest post by D Coyne
The OPEC Monthly Oil Market Report (MOMR) for May 2024 was published recently. The last month reported in most of the OPEC charts that follow is April 2024 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). In the OPEC charts that follow, the blue line with markers is monthly output and the thin red line is the centered twelve-month average (CTMA) output....
OPEC Update - May 2024