IEA: OPEC May Output Slips 55,000 B/D to 29.3 Mln B/D

OPEC production fell slightly in May as output slipped in Venezuela and the UAE, the International Energy Agency said in its latest oil market report published Friday.

The energy security watchdog for Organization of Economic Cooperation and Development members estimates production by the Organization of Petroleum Exporting Countries fell 55,000 barrels a day on the month in May to 29.3 million barrels a day.

Lower exports from southern Iraq also contributed to the overall decline, it said.

The IEA’s suggestion that OPEC’s production is falling is, however, contrary to other industry reports suggesting the group’s output continues to rise.
Schlumberger