According to a Bloomberg survey, the nine OPEC countries subject to production objectives increased oil production by almost 200,000 barrels per day in May, says Commerzbank raw material analyst Carsten Fritsch.
OPEC production in May exceeds the objective
“This means that the increase in production was slightly below the agreed level. However, the production objective was exceeded in almost 350,000 barrels per day. The deviation is mainly due to the United Arab Emirates and Iraq, although both countries barely increased their production or did not increase it at all.”
“Of the three countries not subject to production quotas, Libya increased production to a maximum of 13 years of more than 1.3 million barrels per day. The total production of the OPEC in May was 27.54 million barrels per day, also 200,000 barrels per day more than in the previous month.”
“In the next two months, production volumes are likely to increase at a similar pace due to the decision to increase production objectives, which should press oil prices.”
Source: Fx Street
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