Opec output was steady in May, as problems in Nigeria offset higher Iraqi production.Production by the 11 members excluding Iraq edged 50,000 b/d lower to 26.67mn b/d in May. This was mostly the result of shut-in Nigerian output after pipeline fires and leaks (AGM, 31 May, p5), Iranian production is also coming under pressure from weak demand for its crude. Supplies are backing up in storage and an estimated 42mn bl of Iranian crude and condensate is being held offshore in the country's fleet of VLCCs (see p4).
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