EUR/USD
1.15541
0.101%
Gold
4139.83
-2.809%
Oil
88.653
1.491%
USD/JPY
160.414
0.032%
GBP/USD
1.34008
0.166%
GBP/JPY
214.973
0.199%
Real-time News
OPEC crude oil production hit a more than two-decade low in May, as the US naval blockade impacted Iranian exports, and Irans effective closure of the Strait of Hormuz significantly reduced exports from other Gulf states. The survey showed that OPECs daily output fell by 1.06 million barrels to 16.13 million barrels, the lowest monthly figure since 2000 and far below levels seen during the demand collapse of the COVID-19 pandemic in 2020. These figures exclude the UAE, which withdrew from OPEC on May 1. The survey also showed that Iran saw the largest decline, reflecting the impact of the US blockade measures that began on April 13. Iranian crude oil and condensate exports fell to their lowest levels in at least six years. Sources at the survey indicated that Saudi Arabias supply further declined despite increased supply from Iraq due to rising domestic demand. Additionally, production from Venezuela and Nigeria also increased.Bank of Canada Governor Macklem: First-quarter GDP missed expectations mainly due to a decline in government spending.Bank of Canada Governor Macklem: There has been little change since the last decision, and there have been no major surprises in the data.Bank of Canada Governor Macklem: A weak Canadian economy tends to put downward pressure on prices.Bank of Canada Governor Macklem: The central bank also considers inflation expectations when considering whether to raise interest rates.
