OPEC

OPEC Crude Production Exceeds 17mn b/d in May

After falling to a low point of 14.6mn b/d in March, when buyers were extremely reluctant to lift OPEC crude at the newly imposed official prices, OPEC production has been climbing sharply to reach over 17mn b/d in May.

According to MEES estimates, crude oil production by OPEC member countries averaged 17.1mn b/d in May some 1.3mn b/d above the current quota ceiling of 15.8mn b/d.

The May production estimate of 17.1mn b/d compares with ...