OPEC oil output falls 460 000 bpd in May
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2:06 PM UTC
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A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
LONDON, May 31 (Reuters) - The following table shows crude output by the Organization of the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in May and April, according to a Reuters survey published on Wednesday.
OPEC and allies, known as OPEC+, agreed to cut their output target by 2 million barrels per day from last November through 2023. As part of this, the 10 OPEC members bound by the deal had a target to produce 25.416 million bpd.
In addition, several OPEC+ members in April pledged additional voluntary cuts of 1.66 million bpd with effect from May 2023, of which OPEC's share amounts to 1.039 million bpd.
According to the survey, the OPEC members required to limit output pumped 23.53 million bpd in May, down 540,000 bpd from April. Total OPEC output fell by 460,000 bpd.
April output was revised down by 150,000 bpd.
The figures in the first, second and fourth columns in the table are in millions of barrels per day.
R = Revised
Totals are rounded and may not add.
Compliance is calculated by the following method in the table above:
Baseline for cut minus May output = cut achieved.
Cut achieved divided by pledged cut = percentage compliance.
* Sum of the voluntary cuts pledged by six OPEC members from May 2023, and the reductions pledged as part of the 33rd OPEC+ meeting held in October 2022.
** Output target implied by adding the voluntary cuts to those in the October 2022 agreement. This has been calculated by Reuters and is not an OPEC figure.
The rationale for this is based on OPEC's April 3 press release, which said of the voluntary cuts: "These will be in addition to the production adjustments decided at the 33rd OPEC and non-OPEC Ministerial meeting."
Iran, Libya and Venezuela are exempt from making voluntary output cuts.
The Reuters survey aims to assess crude supply to market, defined to exclude movements to, but not sales from, storage. Saudi and Kuwaiti data includes the Neutral Zone.
Venezuelan data includes upgraded synthetic oil. Nigerian crude output includes the Agbami and Egina streams and excludes Akpo condensate.
Additional reporting by Ahmad GhaddarEditing by Kirsten Donovan
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Wednesday, May 31, 2023 at 2:06 pm