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Opec production edged up for the second consecutive month in May, averaging 30.39mn b/d. With decision time approaching on whether Opec and its allies will extend production restrictions beyond their current end-June expiry, Secretary General Mohammad Barkindo says Opec is “closely monitoring oil market developments, which have seen a high level of volatility in recent weeks.”
Downwards pressure on prices over the past five years has typically been driven by supply-side dynamics rather than demand. The surge in volumes from the US shale patch in particular created a supply glut that eventually forced Opec, Russia and their allies to implement supply cuts from January 2017 that have broadly been in force ever since ( MEES, 16 December 2016 ). (CONTINUED - 1607 WORDS)
DATA INSIDE THIS ARTICLE
|chart||Opec’s 2018 Oil Export Revenues Up More Than $200bn From 2016’s Low Point($Bn)|
|table||1: Opec 2018 Oil Export Revenues Rose Just 17%, While 2019 Is On Course For A Fall ($Bn)|
|table||2: Opec Wellhead Production, May 2019 (Mn B/D, Mees Estimates)|