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OPEC revised its forecast for oil demand this year. According to the coalition, world consumption will rise by 6 million barrels per day, which will make almost all surplus to disappear by the end of this quarter.
In line with this, OPEC decided to ease the production cuts and add 2 million bpd on the total output for the next three months.
Now, producers are cautiously resuming shipments, adding approximately 600,000 bpd this May.
This news raised oil prices to $ 66.
The group also projected that oil reserves will decline by an average of 1.2 million barrels per day. This is larger than the 800,000-a-day decrease they predicted a month ago.
And by the end of this quarter, surplus in developed countries is expected to drop to 8 million barrels.
But in the case that consumption deteriorates, OPEC can act quickly since they meet regularly, about once a month. In fact, their next meeting is already scheduled on June 1.
An example of an event that could ultimately increase supply is the negotiations in Vienna, which was set to revive the 2015 nuclear deal with Iran.
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