Related Articles
Forward article link
Share PDF with colleagues

Global oil production dips but still strong

The supply fell by 155,000 barrels a day (b/d) in May to 96m b/d, according to the International Energy Agency

Global oil production fell by 155,000 barrels a day (b/d) in May to 96m b/d as lower non-Opec output offset a small increase from Opec. While yearly gains eased from March and April’s highs, growth nevertheless stood at a robust 3m b/d, split roughly equally between non-Opec and Opec countries, the latest data from the IEA shows. Opec crude supply edged up 50,000 b/d in May to 31.3m b/d – the highest since August 2012. Saudi Arabia, Iraq and the UAE pumped at record monthly rates to keep Opec output more than 1m b/d above the group’s official 30m b/d supply target for a third month running. Barring unforeseen outages, Opec is likely to keep pumping at around 31mn b/d during the coming mont

Also in this section
Opec and IEA bristle at Trump’s trade posturing
16 March 2018
The IEA and Opec say Trump’s trade plans are a threat to global growth
Five key takeaways from the big three oil market reports
15 March 2018
Demand and supply data still diverge, Venezuela’s increasingly critical to balances, and some macro alarm bells are starting to ring
China bets on a yuan-oil bonanza
13 March 2018
The country's long-delayed crude oil futures contract promises much, but doubts persist