OPEC members' annual production since 2014
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OPEC broadly left both non-OPEC supply and demand forecasts for 2023 unchanged from a month ago. According to their own research, we should see a major drawdown in crude oil inventories during the second half of 2023 as voluntary cuts kick in.
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Demand for crude in the second half is always higher than in the first half by about 1.2-2.5%. And yes cooling, not heating demand.
OPEC May production was down ~462k bbls/d mainly driven by lower production from Gulf producers.
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