Shutterstock 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. Save for later Print Download Share LinkedIn Twitter 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.”
