Opec-Plus Output Drops in May

Copyright © 2023 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.

Crude oil output in May by all 23 members of Opec-plus declined by 275,000 barrels per day to 43.07 million b/d. A nearly 200,000 b/d gain in Iran offset part of the 430,000 b/d fall posted by the 19 alliance members with monthly targets. Remarkably, the persistent shortfall that has skewed the alliance's performance in recent years plummeted from 2.7 million b/d in April to just 1 million b/d — the result of the voluntary cuts by nine countries that began in May. Effectively, this entire shortfall rests with four producers: Nigeria, Angola, Azerbaijan and Malaysia. Russia was assessed as overproducing, missing its 500,000 b/d pledge by just over 100,000 b/d.

Crude Oil, Opec-Plus Supply , Oil Supply
Wanda Ad #2 (article footer)
Mounting risks threaten a predicted loosening of LNG markets by 2026, as the industry copes with cost inflation, labor shortages, construction delays and other challenges.
Thu, Sep 28, 2023
Bulgaria's parliament has voted to phase out imports of Russian crude oil by October of next year.
Fri, Sep 29, 2023
The EIA's latest Petroleum Supply Monthly shows that US crude output averaged just shy of 13 million b/d in the seventh month of the year.
Fri, Sep 29, 2023