Opec production edged up by just 40,000 b/d in May as sizeable production gains from Saudi Arabia and the UAE only just offset falls in Libya, Iran and Iraq. Total output from the 13 members averaged 28.67mn b/d as concerns over further supply disruptions from Russia increased.
At least the Opec-10 cohort subject to cuts managed to raise output by 260,000 b/d, just shy of their collective May target of 274,000 b/d. But even that notable increase left the ten producers a massive 910,000 b/d below their quota of 25.59mn b/d. (CONTINUED - 1110 WORDS)