May output rises as quotas increase

摘要

The Opec+ group added 440,000 b/d to its collective production in May, as all 19 participants in the output restraint deal received their first round of quota increases since January and Saudi Arabia began unwinding its additional cut. The group produced 34.69mn b/d last month, its highest since May 2020 according to an Argus survey. But compliance slipped to a four-month low of 113pc, as Opec conformity eased to 124pc and the non-Opec level rose to 94pc (see table).