The latest OPEC Monthly Oil Market Report is out. There were no big surprises. OPEC 12 OPEC crude only production was up 23,000 bpd in May but that was after April had been revised upward by 110,000 bpd. Saudi Arabia Almost no change is Saudi production, down 5,000 bpd to 10,107,000 bpd. Iraq had the largest change of all, up 105,000 bpd to 3,800,000 bpd. Kuwait suffered the largest drop in May, down 77,000 bpd to 2,685,000 bpd. Secondary Sources Above are the total changes for all OPEC countries. The top chart, “Secondary Sources” is the one I always use. OPEC is expecting world oil supply to grow by 680,000 bpd in 2015. World Oil Supply Non-OPEC oil supply in 2015 is projected to grow by 0.68 mb/d, in line with the previous forecast and below last year’s strong growth of 2.17 mb/d. OPEC NGLs are forecast to grow […]