Only four countries were producing at or below the levels they agreed to in November: Saudi Arabia, Angola, Kuwait, and Qatar.
Last month, OPEC and other exporters extended an agreement to remove 1.8 million barrels a day from the market in order to shrink brimming global stockpiles of crude oil. In May, inventories in the OECD, a group of mostly wealthy countries, remained 251 million barrels above the five-year average.
Despite this, OPEC struck a fairly upbeat note on the global economy.
“The gradual recovery of the world economy continues and stronger-than-anticipated growth in 1Q17 has lifted the world GDP growth forecast for 2017 to 3.4%, up from the 3.1% growth seen in 2016,” OPEC said. “This positive momentum is expected to continue into the second half of the year.”
OPEC also revised down its forecast for non-OPEC oil supply growth this year by 110,000 bpd to 58.14 million bpd.
Still, growth in U.S. oil production alone is expected to outstrip much of the jump in global demand this year.
OPEC projects total global demand will grow by 1.3 percent, or 1.27 million bpd. Meanwhile, U.S. supply is seen growing 5.8 percent, or about 800,000 bpd.