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OPEC Production Fell by 500kbpd in May to 28.26mbpd: Bloomberg Survey

OIL

OPEC’s crude production fell by 500kbpd in May to 28.26mbpd as several members implemented voluntary production cuts according to a Bloomberg survey. Saudi Arabia, Iraq, UAE and Kuwait were among the nations to announce voluntary cuts in April to start in May.

  • Saudi Arabia cut production by more than the pledged 500kbpd with tanker tracking data yesterday suggesting a fall in exports from 7.43mbpd in April to 6.66mbpd in May.
  • The voluntary cuts were partially offset by a recovery in Angola and Nigeria where output remains below quota levels due to underinvestment.
  • Supply from Iraq increased slightly by 80kbpd to 4.21mbpd in May after a decline in April due to the halt to Kurdish pipeline output via Turkey.
  • OPEC+ will consider the impact of the existing voluntary cuts against the demand growth concerns from US and China at the ministerial meeting this weekend.
Energy BulletsCommodities
Energy BulletsCommodities

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