OPEC members' annual production since 2014

GA907
2023-06-14

OPEC members' annual production since 2014

ImageImage

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.

ImageImage

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.

ImageImage

Futures Club
Join Tiger Futures Club to know more about trading futures!
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
10