OPEC monthly bulletin - OPEC crude oil production rose 336 tbd from April to average 32.14 mbd in May

According to the latest OPEC monthly bulletin, OPEC crude oil production in May rose 336 tbd from April to average 32.14 mbd.

Additional headlines:

   •  According to prelim data, global oil supply rose 0.13 mbd in May to average 95.74 mbd, m/m, higher by 1.48 mbd, y-o-y
   •  Global oil demand is forecast to pick up in 2H17
   •  In 2017, demand for OPEC crude seen at 32.0 mbd, around 0.3 mbd higher than last year
   •  The OPEC reference basket (ORB) averaged $49.20/barrel in May, down over 4% from april
   •  For 2017, non-OPEC oil supply is now projected to grow by 0.84 mbd to average 58.14 mbd, down by 0.11 mbd from May
   •  US crude oil imports rose slightly by 14 tbd from April, to average 8.2 mbd
   •  Saudi Arabia crude oil production remains stable April to May