According to the Emirates News Agency, the decline in global production of black gold came as a result of the agreement signed by OPEC Plus and other producing countries earlier to reduce production in order to control the balance between supply And demand in the market in a manner that takes into account the interests of producers and consumers.
Oil prices had risen strongly during the month of May, after being traded during the first quarter of this year at its lowest levels since 2003, which encouraged OPEC Plus to more Reducing production, especially with the decline in global demand for oil by the world's largest consumers.
While the production of members of the Organization of Petroleum Exporting Countries declined in May by 6.3 million barrels of oil per day, the rest of the reduction came from Russia, the United States, Kazakhstan, the Sultanate of Oman, Canada, Azerbaijan, Norway, and Mexico. According to the monthly report issued by OPEC, which monitors the movement of the oil market.
OPEC has kept its previous expectations for a decrease in global oil demand by 9.1 million barrels per day during the year 2020, indicating that the average global oil consumption for this year will reach 90.6 million Barrels per day, according to preliminary estimates.
It is noteworthy that the total global oil demand during the year 2019 reached 99.67 million barrels per day, according to data released by OPEC.
