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

OPEC, OPEC+

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.

Webinar - Register to attend: Oil & gas at a digital tipping point

In partnership with leading global engineering company ABB. The webinar is free but can only be accessed by registering below in advance.

Newsletter

Most Popular

Digital Edition

Oil & Gas Middle East - July/August 2020

Subscribe Now