OPEC's Compliance With Oil Production Cuts Deal Totaled 125% In May

Muhammad Irfan Published June 10, 2021 | 05:20 PM

OPEC's Compliance With Oil Production Cuts Deal Totaled 125% in May

MOSCOW (UrduPoint News / Sputnik - 10th June, 2021) The Organization of the Petroleum Exporting Countries (OPEC) said on Thursday that its oil production increased by 390,000 barrels daily in May as the output cuts were curbed, but it still overcomplied with the deal by 25 percent, close to April's level.

"Total OPEC-13 crude oil production averaged 25.46 mb/d in May 2021, up by 0.39 mb/d m-o-m. Crude oil output increased mainly in Saudi Arabia, Venezuela and IR Iran, while production decreased primarily in Nigeria and Angola," OPEC said in its monthly oil market report.

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