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OIL: OPEC Still 110kbpd Above Target in May Despite Member Cuts: Argus

OIL

May production from OPEC members subject to targets fell by 110kb/d to 34.03mb/d according to Argus estimates, leaving the group still 110kb/d above target.

  • Russia and Kazakhstan made progress towards meeting pledges as output fell to the lowest in nearly three years.
  • The nine OPEC members subject to cuts produced 210kb/d above target in May, but was partially offset by a 100kb/d drop in output from other members.
  • Russia cut output by 180kb/d to 9.11mn b/d and 60kb/d above target but is expected to fall further with a pledge to compensate for recent overproduction.
  • Kazakhstan production fell by 70kb/d to 1.51mb/d in May amid field maintenance but was still 40kb/d above target.
  • Iraq output increased by 20kb/d to 4.16mb/d and 160kb/d above target while Gabon overproduced by 80kb/d.
  • Nigeria boosted production by 80kb/d to 1.48mb/d and UAE output rose by 20kb/d to 2.95mb/d and 40kb/d above target.
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