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OPEC Output Falls by Just 50kbpd in May: Reuters Survey

OIL

OPEC oil output has fallen by just 50kbpd in June to 28.18mbpd from a revised May output according to a Reuters survey.

  • Increases from Iraq and Nigeria limited the impact of cuts by other members as part of the voluntary cuts by several members to support the market. The largely unchanged output comes ahead of the extra cuts planned by Saudi Arabia in July.
  • The survey is based on information from Refinitiv Eikon, Petro-Logistics and Kpler as well as sources at oil companies, OPEC and consultants.

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