The weakness indicates high interest rates and inflation are depressing consumer and industrial demand, especially in Europe, at a time when supply is rising from non-OPEC producers such as the United States. This could bolster arguments for OPEC+ to maintain production curbs at a June 1 meeting. Demand from refiners is soft, even though their crude intake capacity has increased with the end of springtime maintenance.

Source: The North Africa Journal May 20, 2024 14:04 UTC