May 28, 2025
Chart of the Day and OPEC+ Meeting
EOA: As We Predicted, Unwinding Voluntary Cuts Was Not Bearish!
Summary
What matters to global oil markets is NOT OPEC+ production but exports. Figure (1) shows OPEC+ exports by country. It shows that exports declined in April and May, despite the decision by the V8 to increase the production ceiling, and despite the large increase in Saudi production and exports. Even though Saudi crude exports increased, its product exports declined significantly in May.