31.8 million barrels of OPEC production in May

Media in Abu Dhabi 21 June 2018 / WAM /
The average daily production of members of the Organization of Petroleum Exporting Countries “OPEC” 31.869 million barrels during the month of May, an increase of about 35 thousand barrels compared to 31.834 million barrels in April, according to preliminary statistics released by the Organization yesterday.
The statistics show the continued commitment of OPEC members to the agreement cut production reached by the Organization with major producers and aimed at controlling the balance in the global oil market.
The prices of the OPEC basket of oil have improved significantly since the implementation of the agreement in 2017 so far and the price rose by 8.7 per cent during the month of May, where the barrel rose to the level of 74.11 dollars, according to statistics issued by the organization.
During April, the price of the OPEC basket rose by 7.3 per cent to $ 4.67 per barrel and $ 68.43 per barrel. Thus, the two-month gains were up 16 per cent.
“After the overall improvement in oil prices in the period following the start of the agreement to reduce production and increase the demand for this strategic commodity, the trend of the Organization to return to raise the production ceiling again, in agreement with the largest independent producers.”
Opec members and non-members are due to hold a meeting in Vienna on Saturday until Saturday to consult on oil market data and measures to maintain market equilibrium.