The Organization of Petroleum Exporting Countries (OPEC) stated that global demand for its production should be greater than estimated for 2019, due to the growing supply of rivals as shale producers in the United States being decreasing, which indicates that There will be more warming in the market if exporters keep cutting in production.
OPEC's monthly report presented a drop in production in April, due to the impact of the oil and gas sector consequent on the U.S. sanctions imposed on Iran recently.
OPEC, Russia and other producing countries that are not part of the organization are reducing production by 1.2 million barrels per day since January 1, lasting six months. The producer group will meet on 25 and 26 June to discuss a possible extension of this agreement.
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