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OPEC has reduced oil output to 29.876 million barrels per day in May, according to the latest OPEC Monthly Oil Market Report (MOMR) released Thursday, a five-year low for the oil cartel while it struggles to control the production of its members oil prices out of the doldrums.
This production sector represents a decrease of 236,000 barrels a day, month after month, as Iran's production weakens under the weight of the severe sanctions imposed by the United States.
Iran's oil output in May fell to 2.370 million barrels a day, down 227,000 barrels from April. Nigeria and Saudi Arabia also produced fewer barrels in May, with Nigerian production dropping to 1.733 million barrels, a drop of 92,000 barrels a day. Saudi Arabia's oil production fell to 9.690 million barrels a day, a drop of 76,000 barrels a day.
Angola and Iraq increased production in May. Angola added 74,000 barrels a day to 1.471 million barrels a day, while Iraq increased oil production by 94,000 barrels a day to reach 4,724 million barrels a day.
This month's MOMR offers a reduction in global oil demand in 2019, with OPEC forecasting an increase of 1.14 million barrels per day, a reduction of 0.07 million barrels per day, according to the report. last month. According to the report, total global oil consumption is expected to average 99.86 million barrels per day in 2019.
"In the first half of this year, current global trade tensions have intensified, threatening to expand, and geopolitical risks have remained in many key regions," OPEC said in its report. . "This has led to a slowdown in global economic activity and weaker growth in global oil demand, both compared to the previous year. At the same time, supply from non-OPEC countries continues to increase at a steady pace, while voluntary adjustments of production, in line with the Declaration of Cooperation (CD ), have again achieved record levels of compliance. "
By Julianne Geiger for Oilprice.com
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