Oil news and market movers: Iran against OPEC
- The American Petroleum Institute (API) reported on Tuesday that US Crude Inventories built by 509,000 barrels the week ending on May 3. The derivatives such as Cushing, Gasoline, and Distillates all saw buildings in their segments as well, Bloomberg reports.
- The Energy Information Administration (EIA) issued a note on Wednesday saying that it sees the Oil market remaining balanced for 2024, pointing to non-OPEC countries filling in the gap of OPEC’s production cuts, Reuters reports.
- Bloomberg Intelligence reporters Will Hares and Salih Yilmaz said in a note on Wednesday that OPEC (Organization of the Petroleum Exporting Countries and allies) has reason enough to prolong its production cuts, seeing the recent decline in Oil prices from $87.12 on April 5 to $77.01 on Wednesday.
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