OPEC May oil output falls 70,000 bpd to 32 mln bpd - Lowest since Apr. 2017

According to the results of the latest Reuters survey, OPEC's oil output in May dropped by 70,000 bpd month/month to 32.00 mln bpd. This number marks the lowest output level since April 2017. Declines in Nigeria and Venezuela are cited as the primary reason behind this reduction.

As of writing, the barrel of WTI is trading at $67, losing 1.8% on the day. Later in the session, the EIA is going to publish its weekly crude oil inventory report, which is expected to show a 1.2 million barrels decrease.