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Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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Oil Prices Spike As OPEC Reveals Production Loss For May

  • OPEC produced a total of 28.508 million bpd in May.
  • OPEC production fell by 176,000 bpd compared to April.
  • Nigeria and Libya saw the largest decreases in production.

Not only did OPEC not lift its production as agreed for the month of May, its production actually decreased, according to OPEC’s latest Monthly Oil Market Report released on Tuesday.

Meanwhile, the group stressed that oil demand could be stymied by Russia’s invasion of Ukraine. That point, however, did little to assuage the market’s fear that OPEC’s spare capacity has been overstated, with Saudi Arabia and the UAE the only members that have any room to increase production. That extra production from The Kingdom and the Emirates, however, has been offset by an even greater decline in production from Iraq, Libya, and Nigeria.

OPEC produced a total of 28.508 million bpd in May—down 176,000 bpd from April 2022. The reason for the decline are decreases in production in Equatorial Guinea (-2,000 bpd), Venezuela (-2,000 bpd), Iran (-20,000 bpd), Iraq (-21,000 bpd), Gabon (-32,000 bpd), Nigeria (-45,000), and most notably—Libya (-186,000 bpd), according to OPEC’s secondary sources.

Saudi Arabia’s directly reported production was 10.538 million bpd.

These losses were partially—but not completely—offset by gains in Saudi Arabia, which increased production by 60,000 bpd, reaching an average of 10.424 million bpd; the UAE, which saw an increase of 31,000 bpd, and Kuwait, which saw a 27,000 bpd increase.

For the 10 OPEC members that had assigned quotas for May 2022 totaling 25.589 (which exclude Iran, Venezuela, and Libya), May’s actual OPEC member production was 24.541—a 1.048 million bpd shortfall from OPEC’s stated allowances.

The market reacted to the data with a rebound in oil prices. At 9:14 am ET, WTI had risen 1.27% to $122.50, while Brent crude had risen 1.33% to $123.90 per barrel.

By Julianne Geiger for Oilprice.com

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Leave a comment
  • bryan banks on June 14 2022 said:
    Opec needs to realize that the quantity of oil demanded will continue to decrease with higher gas prices. They are encouraging the use of more green energy production. Opec includes list of troublemakers.
  • John de speville on June 18 2022 said:
    I can bet big money on it right now that oil prices will collapse to under $30 to $40 a barrel when most countries fall into deep recession within the next 9 to 12 months.The corrupt OPEC cartel are shooting themselves in the foot by encouraging countries to move a lot faster into renewable.

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