LONDON—OPEC said on May 13 that world demand for its oil would be higher than expected this year as supply growth from rivals including U.S. shale producers slows, pointing to a tighter market if the exporter group refrains from raising output.
But the Organization of the Petroleum Exporting Countries, in a monthly report, said its output fell in April. Top exporter Saudi Arabia cut output despite oil prices hitting 2019 high above $75 a barrel and U.S. President Donald Trump urging action to lower prices.
