Opec production registered its largest monthly increase in six-months for May as output cuts began to taper. The group’s production increased by 390,000 b/d to 25.61mn b/d, driven primarily by Saudi Arabia which is also unwinding its own additional voluntary cuts.
With the broader Opec+ coalition reaffirming its near-term production roadmap last week (MEES, 4 June), Opec output will rise further in June and July. Output last month was the highest since the historically deep cuts were implemented in May 2020, and production should rise to more than 27mn b/d for July. (CONTINUED - 1000 WORDS)