Several members of OPEC+, which includes OPEC, Russia and other allies, made new cuts in January to counter economic weakness.
A survey she conducted showed Reuters Today, Tuesday, the production of the Organization of the Petroleum Exporting Countries (OPEC) of oil rose in May by 145,000 barrels per day, as increased exports from Nigeria and Iraq overshadowed the impact of voluntary supply cuts by some members agreed upon within the framework of the broader OPEC+ alliance.
The survey, which was based on navigation data and information from sources in the sector, showed that OPEC pumped 26.63 million barrels per day last month, an increase of 145 thousand barrels per day over April.
The increase from Iraq comes despite OPEC’s second-largest producer, along with OPEC+ member Kazakhstan, pledging to compensate for earlier overproduction by making further cuts in the rest of 2024.
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Several members of OPEC+, which includes OPEC, Russia and other allies, made new cuts in January to counter economic weakness and increased supplies outside the group. The producers decided on Sunday to keep it in place for the third quarter, after earlier extending it until June.
The survey found that Iraq and Nigeria increased their production by 50,000 barrels per day, and there were smaller increases in Saudi Arabia and the United Arab Emirates. Only Algeria has reduced production as a result of oil field maintenance.
The survey concluded that OPEC pumped about 250,000 barrels per day in excess of the implicit target of the nine members covered by supply reduction agreements, with Iraq representing the largest portion of the surplus.
