Overview
- OPEC, in its Wednesday monthly report, cut 2026 demand growth to about 1.2 million barrels per day and pegged global use near 106.33 million barrels per day.
- OPEC said member output has fallen more than 30% since late February after a 7.9 million bpd drop in March and a further 1.7 million bpd slide in April.
- The International Energy Agency reported that more than 14 million bpd from Gulf producers remains shut and that inventories fell 250 million barrels in March and April as cumulative losses topped one billion barrels.
- OPEC kept its 2026 non-OPEC supply growth view at 0.6 million bpd, led by the United States, Canada, Brazil, and Argentina.
- OPEC+ approved a small June quota increase of 188,000 bpd, according to the Washington Examiner, even as the Strait of Hormuz stays closed to most commercial traffic.