Daily Energy Report
OPEC crude production, OPEC+ external review, Biden’s China tariffs, US EV sales drop, China lithium defiance, Asia refining margins, Diesel’s economic lesson, Iran/Malaysia transfers, and more.
Chart of the Day: OPEC Crude Oil Production
Summary
OPEC production declined in April by 48 kb/d in to 26.575 mb/d, according to Secondary Sources, as reported by OPEC in its monthly oil report that was released earlier today. Figure (1) above shows trends in OPEC production since 2019. It shows that, excluding the COVID-19 Period of 2020 and 2021, production is significantly lower than the pre-COVID era and lower than that of 2022 and 2023. OPEC+ production decreased by 246 kb/d to 41.02 mb/d.