- Demand optimism mounts as major U.S. cities are moving to full reopen
- NYC Mayor Bill de Blasio is moving to reopen the city on July 1
- As more cities get closer to fully reopening businesses, demand for fuels and products will heat up. Further, cruises are expected to reopen in the U.S. in mid-July, according to the CDC
- OPEC output increased by 65 MBbl/d in April, according to industry consultant JBC (Bloomberg)
- Iran production increased by 100 MBbl/d to 2.5 MMBbl/d
- Libyan output fell by 100 MBbl/d to 1.2 MMBbl/d, while Nigerian output fell by 50 MBbl/d to 1.45 MMBbl/d
- KPLER says Indian imports could fall by as much as 1 MMBbl/d as the country battles a COVID-19 resurgence
- The company said that imports might decline by more than 1 MMBbl/d and possibly even 3 MMBbl/d in the coming weeks. India's demand loss may knock 200 MBbl/d from global consumption this year
- The company noted high storage levels in the country compound the issue