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OPEC Production Drops By 460,000 Barrels/D In May

by Leadership News..
2 years ago
in Business
OPec
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The Organisation of Petroleum Exporting Countries (OPEC), saw a major drop in its oil output for May following voluntary production cuts by members said to help support the market.

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According to a report carried out by Reuters, OPEC production was down 460,000 barrels per day bpd, from April, and down more than 1.5 million bpd from September, though increases by some OPEC+ members counterbalanced that drop in output.

Six OPEC members in May voluntarily agreed to cut 1.04 million bpd in addition to the already-existing 1.27 million bpd

The survey comes after Moscow stated last week that OPEC+ would not cut production further. This has sent oil prices tumbling. At the same time, last week also saw the Saudis issue a threat to oil speculators ahead of the next OPEC+ meeting on June 4.

OPEC appears to be trying to head off speculators who are profiting from predicting OPEC+ market decisions.

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Saudi Arabia Energy Minister Prince Abdulaziz bin Salman last week issued the threat, which some fear could lead to another output cut that would boost prices and punish short-sellers.

“I keep advising them (referencing oil speculators) that they will be ouching, they did ouch in April, I don’t have to show my cards. I am not a poker player…but I would just tell them to watch out,” the energy minister warned. As of May 16, oil short positions were at 184 million bpd, up 140 per cent from shorts a month earlier.

On Wednesday morning, Goldman Sachs commodities analysts said they expected the nine major OPEC+ productions undertaking voluntary cuts to “keep production unchanged but utilise some partly offsetting hawkish rhetoric”.

Saudi Arabia’s fiscal breakeven oil price is $78 per barrel this year, though in practice, it could be higher based on spending needs for balancing the budget.


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