OPEC oil production decreases

Jun 13, 2016 12:00 AM

OPEC oil production in May decreased by 100,000 barrels per day to average 32.36 million barrels per day, accordin to the cartel's Oil Market Report, published on June 13.

Crude oil output increased mostly from Kuwait, Iran and Saudi Arabia, while production decreased in Nigeria, Venezuela and Iraq, according to the rpeort.

The share of OPEC crude oil in total global production increased to 34.2 percent in May compared to the previous month.

Saudi Arabia, which is the largest oil producer and exporter within OPEC, produced 10.241 million barrels per day of oil in May, which is 84,000 barrels per day more than in April, according to OPEC's estimates.

Oil production in Iran last month amounted to 3.562 million barrels per day, which is 89,200 barrels per day more than in April. Iraq last month decrease oil production by 60,100 barrels per day to 4.281 million barrels per day.

OPEC estimates show that the global oil supply decreased by 0.73 million barrels per day in May to average 94.51 million barrels per day.

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