• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 22 mins Which producers will shut in first?
  • 4 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 1 hour Washington doctor removed from his post, over covid
  • 4 hours Shale Legs
  • 3 hours How to Create a Pandemic
  • 9 mins The Most Annoying Person You Have Encountered During Lockdown
  • 7 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 3 hours KSA taking Missiles from ?
  • 3 hours Trump eyes massive expulsion of suspected Chinese spies
  • 6 hours Did Trump start the oil price war?
  • 11 hours WE have a suicidal player in the energy industry
  • 11 hours Eight Billion Dollars Wasted on Nuclear Storage Plant
Alt Text

Azerbaijan Could Soon Tap Its 410 Million Barrel Oil Reserves

Oil-dependent Azerbaijan is considering tapping…

Alt Text

Will Putin Risky Oil Gamble Pay Off?

Russia effectively triggered the beginning…

Alt Text

Saudi Arabia’s Oil Price War Is Backfiring

Saudi Arabia’s controversial oil price…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Platts: OPEC Oil Production Slumps With Saudis Cutting Deeper

OPEC’s oil production dropped by 170,000 bpd from April to 30.09 million bpd in May—the lowest level since February 2015, as Saudi Arabia cut its oil output even deeper despite the end of the U.S. sanction waivers for Iranian oil customers, according to the monthly S&P Global Platts survey.  

According to the survey that measures well-head crude oil production in each OPEC state, the cartel’s largest producer Saudi Arabia further slashed its production in May—by 120,000 bpd from April to 9.7 million bpd last month. This was the lowest Saudi oil production in four and a half years, according to Platts estimates.  

At the end of May, a Reuters survey showed at that although OPEC’s oil production dropped to a 2015 low of 30.17 million bpd in May, Saudi Arabia boosted its production by 200,000 bpd. This rise in Saudi supply, however, was unable to offset an even larger production decline in Iran after the U.S. removed all sanction waivers at the beginning of May.

After the U.S. choked off more Iranian supply with the end of the waivers, Saudi Arabia appears to have lifted its oil supply by 200,000 bpd to 10.05 million bpd, according to the monthly Reuters survey that tracks supply to the market from shipping data and sources at OPEC, oil companies, and consulting firms. Related: Why Is China Pouring Money Into The Arctic?

Yet, even with the 200,000-bpd boost in May estimated by Reuters, Saudi Arabia was comfortably below its 10.311-million-bpd cap under the OPEC+ deal as it had been overachieving in its share of the cuts by 500,000 bpd in the previous months.

The Platts survey showed that the Saudis appear to have cut deeper last month, despite the end of the U.S. waivers for Iranian buyers and the opportunity to increase the Saudi market share at the expense of Iran.

OPEC will release its official crude oil production data for May in the Monthly Oil Market Report (MOMR) on Thursday, June 13, weeks before OPEC and allies are set to discuss the fate of their production cut pact currently expiring at the end of June.  

OPEC is close to reaching an agreement to extend the deal beyond June, Saudi Energy Minister Khalid al-Falih said last week. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News