Commodities
OPEC’s Crude Production Steady While Key Members Flout Quotas
- May production was 60,000 b/d higher than April, survey shows
- Iraq raised output despite pledging deeper compensation cuts
OPEC and its allies made deeper output curbs earlier this year to offset surging exports from US and Guyana.
Photographer: Mario Tama/Getty ImagesThis article is for subscribers only.
OPEC’s crude production remained steady for a third month while key members Iraq and the United Arab Emirates continued to pump above their assigned quotas.
The Organization of Petroleum Exporting Countries produced an average of 26.96 million barrels a day last month, about 60,000 more than in April, according to a Bloomberg survey. Baghdad and Abu Dhabi still haven’t fully implemented supply cutbacks agreed with fellow members at the start of the year.