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OPEC Oil Output Rises in May: Reuters

OIL

OPEC oil output rose in May, according to a Reuters survey, driven by higher exports from Nigeria and Iraq which offset voluntary cuts.

  • OPEC pumped 26.63m b/d in May, up 145k b/d in April, according to a survey based on shipping data and industry sources.
  • Iraq and Nigeria raised output by 50k b/d, while there were smaller increases from Saudi Arabia and the UAE. Only Algeria cut output.
  • OPEC was around 250k b/d above its target for the nine members covered by supply cut agreements, the bulk coming from Iraq.
  • The increase from Iraq comes despite its pledges to compensate for previous overproduction by making additional cutbacks through 2024.
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