OPEC says compliance with OPEC+ deal at 125% in May

MOSCOW, Jun 10 (PRIME) -- The OPEC countries raised their oil production by 390,000 barrels per day on the month to 25.46 million barrels per day in May, setting its compliance with the OPEC+ oil output reduction deal at 125%, OPEC said in a monthly report on Thursday.

Oil production mainly increased in Saudi Arabia, Venezuela, and Iran and fell in Nigeria and Angola.

OPEC raised its forecast for Russia’s oil and condensate production in 2021 and now expects its growth by 0.03 million barrels per day to 10.63 million barrels. Previously, OPEC projected the production to increase by 0.02 million barrels per day to 10.61 million barrels.

In May, oil and condensate output in Russia stood at 10.75 million barrels per day, OPEC said citing preliminary data.

OPEC maintained its outlook for growth of oil demand in 2021 and still sees its increase at 6 million barrels per day to 96.58 million barrels per day.

OPEC raised its forecast for oil and condensate output outside the organization by 130,000 barrels per day in 2021 to 63.73 million barrels per day.

End