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OPEC+ output surges 120,000 b/d in May despite quotas; Russia-led allies cut: Platts survey
The nine OPEC members subject to quotas boosted crude oil output by 100,000 b/d in May, driven by Nigeria and Iraq, pushing the group 320,000 b/d above their collective targets, while the bloc's Russia-led allies cut production, the Platts OPEC+ survey from S&P Global Commodity Insights shows June 10. With Russia, Kazakhstan and Mexico -- among the non-OPEC allies that formed OPEC+ in 2016 -- seeing cuts to output, the alliance's overall production slid 40,000 b/d month on month to 41 million b/d, the survey found. The producers' alliance is battling to shore up the oil market amid surging production in non-OPEC+ ... (full story)
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- Posted: Jun 10, 2024 10:04pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 204
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