Opec’s production in May sank by 430,000 b/d to 28.23mn b/d as key producers in the group began implementing voluntary cuts agreed on in April (MEES, 7 April). This was the largest monthly drop in total output since November 2022’s 670,000 b/d, when Opec+ as a whole began implementing fresh 2mn b/d cuts (MEES, 7 October 2022) which are now slated to remain in place until end-2024 following the 4 June Opec+ agreement (MEES, 9 June). May’s output was broadly in line with with year-ago levels (see table).