"Preliminary April 2023 data sees total OECD commercial oil stocks up m-o-m by 30.2 mb. At 2,808 mb, they were 144 mb higher than the same time one year ago, but 74 mb lower than the latest five-year average and 119 mb below the 2015–2019 average," the report read.
According to the report, OECD commercial crude stocks stood at 1.384 million barrels in April.
"OECD commercial crude stocks stood at 1,384 mb in April. This was 77 mb higher than the same time a year ago, but 42 mb below the latest five-year average and 88 mb lower than the 2015–2019 average," the report said.
OPEC has slightly upgraded its forecast for oil production in the United States in 2023 and expects it to grow to 12.6 million barrels per day, according to its fresh report.
"Given a sound level of oil field drilling and well completions, crude oil output is anticipated to increase by 0.7 mb/d y-o-y to average 12.6 mb/d," the report read.
In the May report, OPEC expected oil production in the United States in 2023 to increase by 690,000 barrels per day to 12.57 million barrels per day.
OPEC oil production decreased by 464,000 barrels per day in May — the first month of voluntary output cuts — compared to the level of April to 28.06 million barrels per day, according to report.
"According to secondary sources, total OPEC-13 crude oil production averaged 28.06 mb/d in May 2023, lower by 464 tb/d m-o-m. Crude oil output increased mainly in Nigeria, IR Iran and Angola, while production in Saudi Arabia, the UAE and Kuwait declined," the report read.
According to OPEC data, the alliance's compliance with the oil production cut deal was fulfilled by 252%, with the organization cutting the production by 1.9 million barrels per day on top of obligations.
Oil production in Russia in April decreased by 100,000 barrels per day month-on-month to 9.6 million barrels per day, according to a fresh report by OPEC.
OPEC said in May that Russia's oil output in March stood at 9.7 million barrels per day.
"Russia's liquids production in April fell m-o-m by 176 tb/d to average 10.9 mb/d. This includes 9.6 mb/d of crude oil and 1.4 mb/d of NGLs and condensate," the report said.
OPEC has maintained its forecast for Russia's oil and condensate production in 2023 at the level of 10.28 million barrels per day and still expects it to decline by 750,000 barrels per day, according to the organization's report.
"For 2023, Russian liquids production is forecast to drop by 0.75 mb/d to average 10.28 mb/d, unchanged from the previous month’s assessment. It is worth noting that the expected contraction takes into account recently announced voluntary production adjustments to the end of 2023," the report read.