For the first time, global crude oil inventories were below the five-year average

A senior OPEC official told S&P Global Platts on Sunday that OECD crude inventories have fallen below the five-year average, a key measure
for OPEC to cut production.

Commercial oil inventories were 20 million barrels
below the five-year average, the source said.
Saudi Arabia, a major OPEC producer, and Russia, a major non-OPEC producer, said on Friday that they would start increasing production
in the second half of the year.

The Organization of the Petroleum Exporting Countries (OPEC) has reduced inventories of its five-year average target to levels close to the five-year average, much faster than expected due to supply disruptions in Venezuela and strict adherence to
the 1.
8 million b/d production cut agreement.
The organization's Joint Ministerial Monitoring Committee said Friday that compliance was 152%
in April.

As of the end of March, OPEC's inventory figures were well below OPEC's latest estimate of 2.
829 billion barrels
.
That's just the five-year average of OPEC's target of 9 million barrels
.

OPEC and 10 non-OPEC producers led by Russia are facing a 1.
8 million barrel production cut agreement to be reached by the end of 2018 to support oil prices and reduce the global oil inventory glut
.