Opec crude oil production fell by another 320,000 b/d in May, as Middle East producers adjusted to the third month of the Hormuz crisis. After production slumped by 8.95mn b/d over March and April, the rate of decline slowed markedly last month to 320,000 b/d, with output of 16.74mn b/d at a historic low.
The first wave of production losses in the Middle East has now drawn to a close, and there are some signs of modest recovery, but output may still drop further this month as Iran’s oil sector begins to react to the pressure of the US blockade. (CONTINUED - 1090 WORDS)
