A recent report showed that the production of the “OPEC Plus” group of crude oil decreased by 670 thousand barrels per day during the month of May. Which is the first month within the voluntary cut approved by member countries, according to the Platts survey, which is supervised by S&P Global Commodity Insights.
OPEC member states recorded a decrease of 440,000 barrels per day in their total production. Which amounted to 28.16 million barrels per day last month.
Production of non-members of the Organization of the Petroleum Exporting Countries, led by Russia, decreased by 230 thousand barrels per day to 13.17 million barrels per day.
A number of member states of the “OPEC Plus” alliance began a voluntary cut at the beginning of May of 1.66 million barrels per day in an attempt to stop the drop in oil prices.
The survey data indicated that Russia cut production by 150 thousand barrels per day to 9.45 million barrels per day, which is 410 thousand barrels per day less than February’s production of 9.86 million barrels per day.
The survey also showed Saudi Arabia’s full commitment to the reduction. Which it announced by 500,000 barrels per day in May, bringing the country’s average production to 10 million barrels per day.