OPEC countries increased oil production in May to 25.46 million barrels per day (b / d). This is 390 thousand more than a month earlier. OPEC raised its forecast for the growth of oil and condensate production in Russia in 2021 from 0.02 million bpd to 0.03 bpd.
OPEC is an intergovernmental organization of oil-producing countries. It includes 13 countries: Algeria, Angola, Venezuela, Indonesia, Iraq, Iran, Libya, Qatar, Kuwait, United Arab Emirates, Nigeria, Saudi Arabia and Ecuador.
OPEC expects non-member countries to increase production by 0.8 million bpd to 63.7 million bpd. The forecast has been increased by 0.1 million bpd. OPEC attributes this to a faster recovery in US oil production in March. Brazil, Canada, China and Norway are expected to drive the supply.
Oil and condensate production in Russia in May amounted to 10.75 million bpd. The organization expects that by the end of 2021, production in the country will amount to 10.63 million b / d. “Production in Russia in the second quarter of 2021 was revised upward by 0.049 mln b / d on average – to 10.71 mln b / d, while in the second half of 2021 it is expected to remain at the level of 10, 66 million bpd, ”the report says (.pdf).
Earlier, Russian Deputy Prime Minister Alexander Novak reported that in May Russia completed the OPEC + deal by almost 100%. Following the meeting on June 1, the largest oil-producing countries confirmed their adherence to the previous agreements, under which OPEC + will increase production by 2 million barrels per day in May-July.
Details – in the material of “Kommersant” “OPEC + does not want to change anything.”