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In May, OPEC's compliance rises to 182%, and Iraq is unable to reach its quota
Shafaq News/ Crude oil production from OPEC and its allies led by Russia rebounded modestly in May, but it is still far below its collective quota, which raised its compliance to 182%, while Iraq did not reach its planned quota, according to a survey prepared by S&P Global Commodity Insights.
The survey, seen by Shafak News Agency, found; The 13-member Organization of the Petroleum Exporting Countries (OPEC) pumped 28.62 million barrels per day in May, down 180,000 barrels per day from April, while nine other partner countries with the group of producers added 13.08 million barrels per day, an increase of 300,000 barrels per day. , led by Russia and Kazakhstan, which means that there is an increase of 120 thousand barrels.
But with production quotas rising monthly under the OPEC+ agreement, the group missed its 2.616 million bpd target, driving compliance as high as 182.5%, according to S&P Global calculations.
It indicated that Iraq did not reach its production quota in OPEC, as its production for the month of May amounted to 4.390 million barrels per day, compared to 4.420 million barrels per day in April, while its quota in OPEC for the month of May amounted to 4.461 million barrels per day, which raised Iraq's compliance to 120.8 %.
A report by the Oil Price platform stated that Iraq is currently only able to produce about 4.1 - 4.3 million barrels per day, but this shortage is largely due to the interruption of fields in the south for maintenance reasons, especially the halt of the West Qurna 2 field of 400,000 barrels per day. For 12 days of maintenance, and to continue developing the work in progress on the export infrastructure.
[You must be registered and logged in to see this link.]
The survey, seen by Shafak News Agency, found; The 13-member Organization of the Petroleum Exporting Countries (OPEC) pumped 28.62 million barrels per day in May, down 180,000 barrels per day from April, while nine other partner countries with the group of producers added 13.08 million barrels per day, an increase of 300,000 barrels per day. , led by Russia and Kazakhstan, which means that there is an increase of 120 thousand barrels.
But with production quotas rising monthly under the OPEC+ agreement, the group missed its 2.616 million bpd target, driving compliance as high as 182.5%, according to S&P Global calculations.
It indicated that Iraq did not reach its production quota in OPEC, as its production for the month of May amounted to 4.390 million barrels per day, compared to 4.420 million barrels per day in April, while its quota in OPEC for the month of May amounted to 4.461 million barrels per day, which raised Iraq's compliance to 120.8 %.
A report by the Oil Price platform stated that Iraq is currently only able to produce about 4.1 - 4.3 million barrels per day, but this shortage is largely due to the interruption of fields in the south for maintenance reasons, especially the halt of the West Qurna 2 field of 400,000 barrels per day. For 12 days of maintenance, and to continue developing the work in progress on the export infrastructure.
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