OPEC Oil Production Declines to 18.83M Barrels/Day in May, Down 177K Barrels/Day

According to OPEC's monthly report, the organization's daily oil production fell to 18.829 million barrels in May, down 177,000 barrels per day from April's revised 19.005 million barrels.

China's oil product net imports declined significantly in April, dropping 290,000 barrels per day to 9.65 million barrels daily, compared to a 130,000 barrel/day decrease in March. India's imports rose 51,000 barrels per day to 4.65 million barrels daily in April, reversing a 91,000 barrel/day decline in March.