The Organization of the Petroleum Exporting Countries pumped 26.63 million barrels per day (bpd) last month, up 145,000 bpd from April. Nigeria and Iraq each raised output by 50,000 bpd and there were smaller hikes in Saudi Arabia and the United Arab Emirates. Algeria cut output, as a result of oilfield maintenance.
The survey conducted by Reuters on Tuesday was based on shipping data and information from industry sources. According to the survey, higher exports from Nigeria and Iraq has offset the impact of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance.
The increase from Iraq comes despite the country, OPEC’s second-largest producer, along with OPEC+ member Kazakhstan pledging to compensate for earlier over-production by making further cutbacks in the rest of 2024.
Several members of OPEC+, which includes OPEC, Russia and other allies, made new cuts in January to counter economic weakness and increased supply outside the group. Producers decided on Sunday to keep them in place for the third quarter, having earlier extended them until June.
