OPEC monthly oil market report: raises world demand forecasts for 2018

In its monthly oil market report, OPEC increased its world demand forecasts for 2018, with growth in consumption revised higher by 25,000 bpd to 1.65m bpd as compared to last month’s report.

Key highlights:

   •  Inventories declined in March to 9 million barrels above 5-year average.
   •  Says 'geopolitical developments' will impact supply in the months ahead.
   •  Says output rose 12K bpd to 31.93mbpd in April, citing secondary sources.
   •  Says shale increasingly facing logistical constraints.
   •  OPEC says it pumped 9.868 mbpd in April, down 39 bpd m/m and further below its quota.
   •  Venezuela output dropped to 1.505 mbpd.