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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+ crude oil output declined by 670kbpd month on month in May according to the latest Platts survey.
- OPEC’s crude oil production stood at 28.16mbpd, 440kbpd lower on the month.
- Non-OPEC output fell by 230kbpd to 13.1mbpd, led by declines in Russian production.
- In April several OPEC+ members announced to voluntarily cut output by 1.66mbpd starting in May. During the last OPEC+ Meeting on 4 June, the group decided to extend those voluntary cuts until the end of 2024, from end-2023 previously scheduled.
- Russian crude output in May fell by 410kbpd against the February production baseline, compared with its pledged cuts of 500kbpd. Output averaged 9.45mbpd in May.
- Saudi Arabia fully implemented its announced 500kbpd cut in May, with production averaging 10mbpd.
- The May reduction means that the gap between OPEC+ output and quotas has increased. OPEC+ produced collectively 3.353mbpd below quotas, the largest shortfall in history of the alliance.
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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