OPEC exports surged by 1 million barrels per day in May

China Petrochemical News Network reported on May 18, according to the oil price network, the tanker tracking company Petro-Logistics said on Monday that OPEC oil exports have jumped by 1 million barrels per day so far in May, and OPEC+ Group began to relax this month.

At the ministerial meeting in early April, OPEC+ Group decided to gradually restore 1 million barrels/day of production from May to July.

This decision from the beginning of April shows that OPEC+ leaders believe that as the vaccination program accelerates and people begin to travel more, the market will be able to absorb so much supply.

Goldman Sachs said at the end of April that it expects global oil demand to achieve "the largest increase in history" in the next six months.

Zhu Jiani excerpted and translated from the oil price network

The original text is as follows:

OPEC's Oil Exports Are Surging By 1 Million Bpd In May

OPEC's oil exports have jumped by 1 million barrels per day (bpd) so far in May, while the OPEC+ group started easing the production cuts by 350,000 bpd this month, tanker tracker Petro-Logistics said on Monday.

At the ministerial meeting in early April, the OPEC+ group decided to gradually return over 1 million bpd to the market between May and July.

The decision from early April signaled the confidence of the leaders of the OPEC+ alliance that the market would be able to absorb that much supply as vaccination programs are accelerating and people start traveling more.

Goldman Sachs said at the end of April that it expects global oil demand to realize “the biggest jump in oil demand ever” the next six months.