OPEC: Oil prices achieved strong gains of about 6% during last May

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The Organization of the Petroleum Exporting Countries (OPEC) stated that spot crude oil prices witnessed strong gains during last May, rising on average by about 6% on a monthly basis.The organization indicated – in its monthly report issued today, Thursday – that crude oil prices stabilized at their highest levels in several months, amid strong fundamentals for the oil market, expecting a further recovery in oil demand with the start of the summer driving season.

The report indicated that the OPEC reference basket rose by $3.67, or 5.8% per month, during last May, at an average of $66.61 a barrel, the highest level since May 2019.

On the performance of the global economy, the report kept the global economic growth forecast for 2021 unchanged at 5.5% despite continuing doubts about mutated strains of the “Corona” virus, in addition to high levels of sovereign debt in many regions and inflationary pressures.

He pointed to the revision of US economic growth in 2021 with a slight increase to 6.4% after a 3.5% contraction in 2020, and the forecast for economic growth in the euro area in 2021 was slightly lowered to 4.1% after a 6.7% contraction last year.







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