OPEC hits lowest in oil output cut in May
As Nigeria, Iran continue to lag in reductions. A report has branded Nigeria and Iran as laggards in making their share of Organisation of Petroleum Exporting Countries (OPEC) reductions.
This comes as the global oil body is reported to have hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut.
OPEC and its allies, also known as OPEC+, agreed to cut supply by a record 9.7 million bpd from May 1. OPEC’s share, to be made by 10 members from their October 2018 output in most cases, is 6.084 million bpd. So far in May, they delivered 4.48 million bpd of the pledged reduction, equal to 74% compliance, the survey found.
May’s output would be the lowest by OPEC since 2002, excluding membership changes since then, Reuters survey records show. The biggest drop in supply came from Saudi Arabia, which pumped a record 11.7 million bpd in April. Saudi supply is expected to drop even further in June.
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