OPEC output falls by 6.3 mln bpd in May

OPEC’s overall production plunged by 6.3 million barrels per day (bpd) in May to 24.195 million bpd - the first month of its new output reduction deal, the organization said in its monthly report.

The oil bloc expects global oil demand to fall by 9.1 million bpd this year, unchanged from its forecasts last month.

"The COVID-19 pandemic has negatively affected economic activities worldwide, eliminating global oil demand growth potential,” OPEC added.

Furthermore, decreased manufacturing activities, compared with the previous year, will limit industrial fuel requirements.

OPEC raised its non-OPEC oil supply forecasts to a decline by 3.2 million bpd this year, from previous month’s assessment of 0.3 million bpd.