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A Reuters survey showed OPEC output fell to a 2015 low of 30.17 million bpd in May. A 200,000 bpd rise in Saudi output was outweighed by a steep fall in Iranian supply after US waivers ended.
Venezuela and Nigeria also saw declines.
A tighter OPEC supply picture pushes crude prices higher, raising input and freight costs for feed producers.
oilprice.comTsvetana ParaskovaMay 31, 2019After 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.
