Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
Opec production in May fell to 32.45mn b/d from 32.64mn b/d in April following severe outages in Nigeria stemming from terrorist attacks on oil infrastructure. There were also output dips in Venezuela, where the economy is in near-meltdown, Libya, and Iraq which fell from near-record levels in April.
These declines outweighed production boosts from Opec heavyweights Saudi Arabia and Iran, which increased their output in May to 10.20mn b/d and 3.42mn b/d respectively from 10.18mn b/d and 3.38mn b/d in April (see table).
Iran is rapidly approaching its pre-sanctions production levels of 3.58mn b/d (2011). May’s 3.42mn b/d is the highest output figure since February 2012’s 3.46mn b/d, just after the announcement of tighter EU sanctions but before they took their full toll on production. Both countries remain intent on securing their “rightful” market share, following the 2 June Opec meeting in Vienna which yielded little in the form of direction for the oil producing group (MEES, 3 June).
DON'T HAVE AN ACCOUNT?
NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?
By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.UPGRADE