Oil production by OPEC eased in May: MEES

channelnewsasia.com First created : 21 June 2003 1557 hrs (SST) 0757 hrs (GMT)
Last modified : 21 June 2003 1557 hrs (SST) 0757 hrs (GMT)

Total oil production by the OPEC cartel dropped 212,000 barrels per day to 26.69 million bpd in May, the Middle East Economic Survey reports in its Monday edition.

The industry newsletter said without Iraqi production, output fell 362,000 bpd to 26.39 million bpd last month.

Barring Iraq, Nigeria and Venezuela, all members of the Organisation of Petroleum Exporting Countries saw a small decline.

Iraq's production, recovering from war, doubled to 300,000 bpd in May, but supplied only the domestic market, awaiting the resumption of exports, the Cyprus-based specialists say.

Caracas and Lagos both continue to boost production to normal levels of before the Venezuelan general strike and ethnic fighting in Nigeria, MEES says.

"MEES sources indicate that Iran's output comprised 2.11 million bpd of exports and deliveries of 1.45 million bpd to domestic refineries," the weekly adds.

On Friday, oil prices topped US$30 a barrel in New York, as traders reacted to an earlier report showing lower OPEC production.

New York's benchmark light sweet crude contract for July delivery was up 86 cents to US$30.82 a barrel in late deals.