- OPEC oil output fell by 86k bpd to 28.8 mil bpd in March
- Sees world oil demand to rise by 2.32 mil bpd this year (unchanged from prev. forecast)
- Recent reopening of China still not sufficient to reverse declining trend in global refinery intakes
- Any economic weakness from rate hikes could weigh on US summer demand
- Demand outlook for OECD also remains challenging
As you would expect, the report fits the narrative of their decision to surprise with cutting production as they warn that demand conditions could be affected in the coming quarter. Besides that, the output decline fits with the planned cuts from before and some outages; all before incorporating the decision here.
