OPEC output fell 460k bpd in May – survey
Read full post at forexlive.com
- OPEC members pumped 28.01m bpd in May
- Production fell 460k bpd after voluntary cuts took effect
- Output is down 1.5 mbpd from Sept
- April output was revised down 150k bpd
Nigeria, Angola and Iraq are producing materially under their voluntary and formal cuts. It could be a problem for the oil market if they’re able to restore those flows.