Opec-Plus: Non-Opec Gains Offset by Declines in Libya, Iraq

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  • Crude oil output by the 23-member Opec-plus in May rose only 45,000 barrels per day to 43.37 million b/d, hamstrung by a steep fall in Libyan production.
  • Output by the 19 countries with a quota grew by 235,000 b/d to 37.68 million b/d, significantly less than the 432,000 b/d increase the alliance had agreed for the month. The bulk of the gain came from non-Opec members Kazakhstan and Russia.
  • The alliance’s yawning shortfall in supply reached 2.7 million b/d in May and is poised to grow in coming months despite a pledge earlier in June to raise monthly targets.

For Opec-plus, which accounts for 58% of crude oil output globally, life seems to proceed along the lines of “one step forward, one step back.”

Opec-Plus Supply , Oil Supply, Crude Oil
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