OPEC members brushed off fears of the much-talked-about weakness in global oil demand by upping output to 30.94mn b/d in May, according to MEES estimates.
Initial MEES projections, if anything, look conservative, with latest shipping data indicating a surge in OPEC exports at a time of higher seasonal demand in the region, pointing to still higher well-head output. Middle East sailings were up 500,000 b/d in the four-week period to 1 June, compared to the four-week period to 27 April, according to tanker tracker, Oil Movements. (CONTINUED - 515 WORDS)
