OPEC+ output declines 670,000 bpd In May: Survey

10/06/2023 Argaam

OPEC+ output declines 670,000 bpd In May: Survey

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OPEC+ crude oil production decreased by 670,000 barrels per day (bpd) in May, within the voluntary cuts approved by the group, the latest Platts survey by S&P Global Commodity Insights showed on June 9.

 

OPEC’s crude oil production fell by 440,000 bpd to 28.16 million bpd last month.

 

Meanwhile, non-OPEC producers saw their output retreating by 230,000 bpd to 13.17 million bpd.

 

In early May, some OPEC+ member countries started a voluntary cut of 1.66 million bpd to prevent a drop in oil prices.

 

Russia saw output drop of 150,000 bpd to 9.45 million bpd. This was 410,000 bpd below its February production of 9.86 million bpd, the survey added.

 

Saudi Arabia fully implemented its announced 500,000 bpd slash in May, with production averaging 10 million bpd, the survey added.

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