OPEC May oil output hits new low on Nigeria, Venezuela
Updated : May 31, 2018 09:06 PM IST
The Organization of the Petroleum Exporting Countries pumped 32.00 million barrels per day in May, the survey found, down 70,000 bpd from April's revised figure.
OPEC is reducing output by about 1.2 million bpd as part of a deal with Russia and other non-OPEC producers to get rid of excess supply.
The biggest decrease in supply came from Nigeria due to unplanned outages. Royal Dutch Shell's Nigerian venture declared force majeure on Bonny Light crude exports, while loadings of another crude, Forcados, are facing delays.
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