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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
OPEC+ compliance in May at 256% up from 220% in April.
- OPEC-10 compliance at 196% and non-OPEC at 360%
- Total OPEC-13 crude oil production averaged 28.51mbpd in May, lower by 176kbpd versus April according to the OPEC monthly oil report. The OPEC+ target was to increase production by 432kbpd of which 273kbpd was due to come from OPEC-10 members.
Source: MNI / Bloomberg
- The biggest increases came from Saudi Arabia, UAE and Kuwait with Libya and Nigeria struggling. Field closures due to political issues are almost bringing Libya output to a halt during June and Nigeria output declined due to security and technical issues.
- The high non-OPEC compliance was mainly driven by Russia as well as Malaysia and Kazakhstan. Russian output estimates vary but their compliance is gradually rising due to ever increasing output targets. Kazakhstan output has now returned to normal levels after damage to the CPC terminal reduced exports during April and May.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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