Output slips

摘要

Opec production fell marginally in May as disruptions and field shutdowns in Libya, Nigeria and Kuwait trimmed output. Opec produced 31.29mn b/d in May, down by 90,000 b/d from April’s two-anda-half-year high, but the third consecutive month in which output was more than 1mn b/d above the group’s 30mn b/d target (AGM, 8 May, p2). Saudi Arabia produced 10.30mn b/d, unchanged from April and above 10mn b/d for a third consecutive month. Saudi exports fell sharply to 5.8mn b/d in the four weeks to 30 May, down from 6.3mn b/d during the previous four weeks, data from consultancy Oil Movements show. Saudi crude demand typically rises by 250,000 b/d in the second quarter and by another 150,000 b/d in the third quarter, as power stations burn more to meet higher summer electricity consumption.