OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut, a Reuters survey found, although Nigeria and Iraq are laggards in making their share of the reduction.
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
“OPEC has made a strong start in May with its latest production cut, lowering supply by 5 million bpd versus April,” Daniel Gerber, chief executive of Petro-Logistics, which assesses OPEC supply by tracking tanker shipments, told Reuters. 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. PRODN-TOTAL
Iraq, a laggard in making cuts in 2019, curbed output according to the survey following reduced exports from the south of the country, although at 38% its compliance was much lower than that of the Gulf OPEC members.Venezuela and Iran reduced output in May, while Libyan supply was steady. All three were exempt from voluntary cuts because of U.S. sanctions or internal issues limiting production.
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