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OPEC output rose by 280,000 bpd in May to 25.52 million bpd, less than expected, according to a Reuters survey. Saudi Arabia and Iraq raised output, while Nigeria, Angola and Iran reduced supply.
Libya's output increased after a force majeure at the Hariga port was lifted.
Smaller-than-expected supply growth keeps the market tighter and supports crude prices. Lower Iranian and African output adds to the supportive effect.
oilprice.comTsvetana ParaskovaMay 31, 2021After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.
After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
