The OPEC Monthly Oil Market Report for June 2021 was published this past week. The last month reported in each of the charts that follow is May 2021 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). In the charts that follow the blue line with markers is monthly average output and the red line without markers is the centered twelve month average (CTMA) output. Figure 1 figure 2 Only a small revision in OPEC output from last month’s April estimate (-10 kb/d), and a slightly bigger revision for March (-39 kb/d). OPEC output was up by 390 kb/d in April with most of the increase coming from Saudi Arabia (345 kb/d). figure 3 figure 4 figure 5 The OPEC world oil supply estimate of 93.67 Mb/d for May 2021 is about 6.4% higher than the World oil supply estimate for […]