Global oil production fell by 1% in 2024 while demand continued to grow, widening the supply gap, OPEC reported.

The EIA revealed on Tuesday that the United States imported over 30 million barrels of crude oil from OPEC countries in May.

If approved, this would bring OPEC+'s total supply increase for the year to 1.78 million bpd, equivalent to more than 1.5% of global oil demand. OPEC and its allies including Russia, together known as OPEC+, will meet on July 6. Uncertainty about U.S. tariffs and their impact on global growth also kept a lid on oil prices.