OPEC supply cut compliance at 74% in May
While Saudi Arabia and other Gulf countries made additional cuts to their production, some nations lagged behind on their commitments
Oil output from members of the Organisaation of Petroleum Exporting Countries (OPEC) hit the lowest amount in 20 years, according to a survey by Reuters.
OPEC produced 24.77 million barrels per day (bpd) in May, down 5.91 million bpd from the previous month.
While Saudi Arabia and other Gulf nations made additional cuts to their output, Reuters reported that Nigeria and Iraq lagged behind in reaching their commitments.
OPEC and its allies agreed in April to cut output by 9.7 million bpd, with 6.084 million bpd to come from OPEC members. In May, they cut 4.48 million bpd, Reuters reported--74% compliance with agreed upon cuts.