LONDON: OPEC oil output fell in May after Saudi Arabia and other members of the broader OPEC+ alliance made voluntary output cuts to support the market, a Reuters survey found on Wednesday, although increases elsewhere in the group limited the decline.
The Organization of the Petroleum Exporting Countries has pumped 28.01 million barrels per day (bpd) this month, the survey found, down 460,000 bpd from April. Output is down more than 1.5 million bpd from September.
Several members of OPEC+, which includes OPEC and allies such as Russia, in April pledged voluntary cuts on top of those made in late 2022 as the economic outlook worsened. Oil prices initially rose only to fall back as economic worries persisted.
For May, six OPEC members agreed to cut output by a further 1.04 million bpd, adding to about 1.27 million bpd of reductions already in place since late last year.
Month on month, production among the OPEC nations that are required to limit output fell by 540,000 bpd, the survey found.
According to the survey, compliance with all cuts fell to 137% from 194% in April.
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